I tried this years ago and it did not take so I will give it another try. I would love to hear some commentary on todays S+P 500 technical position. If anybody has any thoughts on where they think the market may be going in the short term future please feel free to post here.
Some of my thoughts are as follows.
Looking at a daily chart of the S+P 500 it is in a range beginning on Nov. 10th. Putting all the technical channel measuring indicators it seems to be near the bottom of the channel. A sideways market normally breaks out in the direction it went into the sideways movement. So that would leave me to believe we could get a break out to the upside. Given the length of time of the sideways market it would indicate whatever break out we get could be with conviction.
Rick
Can’t fault your assessment technically. I have noticed that whilst the S&P has been in a 4-wk range the Transports have been leading. They made a new closing recovery high last week which few commentators noticed but I personally believe it’s tipping the market’s hand as to its medium-term direction.
