S&P 500 – Jostling for Support With a Vicious Bear!
It seems with the huge amount of macro-economic news providing fiscal and monetary stimulus the market might be trading to establish a trading range between 2,100 and 2,600 points.
Very early to say as right now as one bounce does not make a trend.
I am surprised the massive jobless claims news today has not had more of an impact.
Market Outlook.
A previously mentioned, I set 4 targets for the S&P 500 crash.
Target 1: Break of the 2019 Bull Run Support - Achieved
Target 2: Break of the 2008 Bull Run Support - Achieved
Target 3: Retrace to 2014 Stock Market High at 2140 points - In Progress
Target 4: Deep Value Zone - This is where we move down to the 2000 and 2008 stock market peaks.
Interestingly if we were to evaluate market direction according to Dow Theory it would be.
Long Term - Up
Medium Term - Sideways
Short Term - Downtrend
If this market turned around from here it would be a miracle, I don't believe in miracles.
Outlook - Full Bear Market - Short.
Very early to say as right now as one bounce does not make a trend.
I am surprised the massive jobless claims news today has not had more of an impact.
Market Outlook.
A previously mentioned, I set 4 targets for the S&P 500 crash.
Target 1: Break of the 2019 Bull Run Support - Achieved
Target 2: Break of the 2008 Bull Run Support - Achieved
Target 3: Retrace to 2014 Stock Market High at 2140 points - In Progress
Target 4: Deep Value Zone - This is where we move down to the 2000 and 2008 stock market peaks.
Interestingly if we were to evaluate market direction according to Dow Theory it would be.
Long Term - Up
Medium Term - Sideways
Short Term - Downtrend
If this market turned around from here it would be a miracle, I don't believe in miracles.
Outlook - Full Bear Market - Short.
Barry D. Moore CFTe Financial Technician
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