Bullish: SP500 Levels, Refreshed

This note was originally published July 17, 2013 at 12:24 in Macro

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Best news of the day is that Bernanke wasn’t dovish enough to satisfy the begging from Gold Bond bulls. #StrongDollar is holding support, and that, ultimately, is a good thing for what’s been working for 6 months – long US Growth.

Across our core risk management durations that matter, here are the lines that matter to me most:

  1. Immediate-term TRADE resistance = 1701
  2. Immediate-term TRADE support = 1661
  3. Intermediate-term TREND support = 1602

Higher-lows of support and higher-all-time-highs of resistance will continue to be bullish until they are not.

  1. We want to be buying growth on red days (bought TSLA and NKE on red yesterday)
  2. We want to be shorting bounces in bearish growth trades (Gold, Bonds, etc) on green days

Staying with our 2013 process because it’s still working,

KM

Keith R. McCullough
Chief Executive Officer

Bullish: SP500 Levels, Refreshed  - keithchart