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Takeaway: If the reaction to the employment report is bullish, 1764 is next; if its bearish, 1712 is next. So #GetActive.

POSITION: 7 LONGS, 5 SHORTS @Hedgeye

All-time is a long time. And fighting a setup like this (higher-lows and higher-all-time-highs) is as tough as tough gets. Forget about Fed fighting – don’t fight Mr. Market.

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

  1. Immediate-term TRADE overbought = 1764
  2. Immediate-term TRADE support = 1712
  3. Intermediate-term TREND support = 1671

In other words, the US stock market remains in what we call a Bullish Formation (bullish on all 3 of our core durations – TRADE, TREND, and TAIL). If the reaction to the employment report is bullish, 1764 is next; if its bearish, 1712 is next.

So #GetActive.

KM

Keith R. McCullough
Chief Executive Officer

All-time Highs: SP500 Levels, Refreshed - SPX