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For the last several years, when we were still below the 1800 region in the SPX, we have been prognosticating that the market is going to head to the 2537-2611SPX region before any correction will be seen. Thus far, the market is still on target.
As George Santayana wisely said, “Those who do not remember the past are condemned to repeat it.” And, it seems that Ms. Yellen is forgetting her history.
When I wrote my article on March 10th, the World Market Index was trading around the 1750 level. Today (Wednesday) it closed just shy of 1900, where it faces the next resistance hurdle, as shown on the following Daily chart.
Inasmuch as the RSI is above the 50 level, I’d watch for a bullish crossover to occur on the MACD and PMO indicators to confirm that any breakout above 1900 has enough support to reach the next resistance target of 1950, or even 2000.
Failure to regain and hold above 1900 could negatively impact U.S. equities.
Sigh. This market just can’t get any traction. No, let me correct that. It can’t get any downside traction. Every time I think that, at long, long last, we’re going to start going lower – – it’s over within a day. It’s disheartening, to say the least.
The past couple of days, of course, are what I’m referring to, since he had a nice beefy tumble on Tuesday……..and some great follow-through for a few hours (on the NASDAQ, at least) late Tuesday night. By end of day Wednesday, however, it was all over. Just LOOK at this madness!
