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Stock Market Due for Minor Pull Back

Over 2 weeks ago, I was looking for a top on April 26th and another on May 1. Today's top appears to be a secondary top, which is pointing down in the coming days. My best guess is a move to 2356/57 SPX by Tuesday this week, and by Thursday or Friday, a move down to as low as the 2344/47 area covering or filling the recent gaps. Another move back up to new highs by around May 16th or 17th should be it for the intermediate term with a major 18 month low beckoning in early to mid August of this year.

As far as the precious metals complex is concerned, my thinking was right: we were due for a substantial pull back into the “twenty week low”, due ideally, next week. We should then see a nice multi-month rally (into the mid/late July time frame of this year).

S&P500 Hourly Chart
Larger Image

 


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