• 785 days Will The ECB Continue To Hike Rates?
  • 786 days Forbes: Aramco Remains Largest Company In The Middle East
  • 787 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,187 days Could Crypto Overtake Traditional Investment?
  • 1,192 days Americans Still Quitting Jobs At Record Pace
  • 1,194 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,197 days Is The Dollar Too Strong?
  • 1,197 days Big Tech Disappoints Investors on Earnings Calls
  • 1,198 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,200 days China Is Quietly Trying To Distance Itself From Russia
  • 1,200 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,204 days Crypto Investors Won Big In 2021
  • 1,204 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,205 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,207 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,208 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,211 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,212 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,212 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,214 days Are NFTs About To Take Over Gaming?
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  1. Home
  2. Markets
  3. Other

The State of the Trend

The trend is up for the SPX, NDX and DJIA in all three time frames: daily, weekly and monthly.

There is a regular two day FOMC meeting next week. The chances of a sizeable correction before that are minimal. The chances of the FOMC announcing an end to QE III are minimal as well.

The SPX has reached the top of the weekly channel which raises the question, will the current trend continue, or will the SPX kick into a higher gear, more reminiscent of QE I & II:

SPX Chart

We don't have the answer yet, but considering that market internals just underwent a rolling correction and are currently oversold, reaching the all time high of 1576 seems inevitable:

CIT Dates Chart

The six month channels place the upward target between 1584 and 1600:

SPX Channels Chart

 

Back to homepage

Leave a comment

Leave a comment