Year-end Effort at Stock Market Elevation
Stock-Markets / Stock Markets 2015 Dec 29, 2015 - 05:57 PM GMT
Good Morning!
SPX Premarket is higher today and threatens to break through the 50-day Moving Average at 2065.13. This is all part of the effort to have SPX close in the black for 2015. It fits the profile of a Wave [e], since these waves tend to be rogues and often advance beyond the Triangle trendline. The Cycles Model calls for a reversal tomorrow or Thursday. We’ll see if the efforts to keep the markets elevated can last the rest of this week..
David Stockman comments, “The S&P 500 closed at 2052 on November 18,2014. That was 405 days ago, and despite the rips and dips in the interim the broad market average has gone nowhere.
So two of the Wall Street bromides that have lured punters into the casino since the March 2009 bottom are now failing. To wit, there have been about 33 attempts to rally off the dip during that period, but that gambit is self-evidently no longer working.”
Normally a trendline is a line in the sand to take profits or avoid losses. However, I would advise caution, since the market may be on a hairpin trigger. The 50-day, 100-day, 200-day and Intermediate-term Support/resistance lines are all at 2061.00 to 2065.00.
VIX futures are down .25 at this time and may retest the Bullish flag trendline near 16.00.
The Hi-Lo is positive and off its sell signal.
Gold and Crude are both in a retracement rally, so if the connectedness between them and SPX remains, we may see a short-term rally in SPX as well. .
Wave (e) in the current TNX bearish Triangle does not appear finished yet. It may rally to the upper trendline, but that is not assured. Again, we are on notice of a potential hair trigger when TNX declines beneath the 50-day Moving Average at 22.04.
Regards,
Tony
Our Investment Advisor Registration is on the Web
We are in the process of updating our website at www.thepracticalinvestor.com to have more information on our services. Log on and click on Advisor Registration to get more details.
If you are a client or wish to become one, please make an appointment to discuss our investment strategies by calling Connie or Tony at (517) 699-1554, ext 10 or 11. Or e-mail us at tpi@thepracticalinvestor.com .
Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com
As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals
Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.
Anthony M. Cherniawski Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.
