Friday, April 19, 2013

1570-1575 level

The market staged a decent bounce today with the exception of the DOW which was dragged by IBM and I think there is a good chance the market will challenge the 1570-75 level, which will be important as failure to overcome this level will likely result in further lower lows. As I mentioned yesterday, this level coincides with the right shoulder of an Head and Shoulders and that targets 1480, so perhaps we will get there in a double Zig Zag? I've seen some bearish calls on the mainstream media and on some blogs but I maintain the view that as long as the US economy grows, the market will maintain current levels and go up accordingly. It almost seems like they all forgot the market has gone up almost 20% in less than six months without much of a correction.The next few sessions should get interesting..

Have a Great Weekend!

Main S&P 500 Trends

Short Term Trend = Bearish
Medium Term Trend = Bullish
Long Term Trend = Bullish 

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