After 10 years of doing a weekly interview on CNBC they have sent me an email stating that "new management" has decided to "bring in more guests from established firms." So this will be my last CNBC Report.
I have received thousands of emails thanking me for publishing the Free reports over the past 10 years and they are truly appreciated. I will try to find another outlet for my forecasts within the next few months. The last message indicated we could find a high to the S&P Index around the first week in January or the first week in March. The 4th of January I sold a small position short and on the 10th covered the short position. The fact that there were three ascending trendlines made the position far too risky. The fact that the 3rd did not exhaust the move up meant that there was another exhaustion coming since "blowoff" trends or those with three ascending trendlines will almost always exhaust into their completions.
It did look impressive with the market going up into the price and time window drawn a long time ago. But the pattern of trend and volume did not confirm a top. If the index goes up into the March time window it will be 2 years from low, 180 days from low and 90 days from low. If that is the case there could also be a low around the 29th of January at 60 days from low and make the last drive 30 calendar days. There are also some significant cycle maturing this year in agricultural commodities that need to be monitored.
This now leaves the 1360 level as the target for the S&P 500 assuming the 1289 level will now give way to the rally.