Until this market stops leading us to the same place (buy equities on US Dollar up days), I am going to stay with the plan. Buying red.
In the chart below, Andrew Barber and I have outlined where we think the SP500’s pressure points are. In my getting longer today, where could I be wrong? In the immediate term, there is an important TRADE line at 996 that needs to hold (dotted green line). A close below that line puts 976 in play.
Otherwise, the intermediate term TREND is your friend here – and it remains bullish. I have immediate term upside TRADE resistance at a higher-high (which would also be a new closing high for the YTD if we register it) up at 1,018. That’s +1.5% upside from where we are trading here at 3PM EST.
Keep moving out there,
Keith R. McCullough
Chief Executive Officer