Will This Action lead to Another Opportunity?
It certainly has been a good upward move in the North American markets since we posted our last blog reflecting the positive movement in October.
The Breakout
Last week we saw the US S&P 500 definitively breakout to the upside despite seeing some questionable earnings from a number of industrial companies during earnings season.
October Blues??
October does have a history when it comes to the stock market and it’s a history one would like to avoid. Just last year, the US S&P 500 had a pullback in October after reaching new highs in September.
Back to New Highs?
Although many of our indicators descended to lower levels in August, the US S&P 500 has shrugged this resistance off and is looking to break out to higher highs.
Back to Defence
Although the US S&P 500 made another new high near the end of July around 3,020, it didn’t last as the US President decided to issue a “Tweet” on August 1, 2019 suggesting more tariffs will be imposed on China effective September 1, 2019.
The Main Coach goes on Offence
As we approach “earnings season”, we once again see the US S&P 500 at another all- time high above 2950 and our main coach, The Bullish Percent for the NYSE, reverses back up into X’s and is currently right at the mid-way point – 50%.
“Buy The Dip” Continues to Work
We have certainly seen some demand for stocks come back to market for the last week or so reversing much of the May downturn. We are starting to develop a much smaller trading range as we look to see if we have blue skies ahead or the potential for some storm clouds to develop. R
Risk Levels Continue to Increase
Just like September last year, we made another new all-time high in the S&P 500 in May around 2950 but could not hold it. Like last year, we have broken through support at 2800 again and are currently looking down at 2700 –a Point & Figure sell signal. A sustained reversal back above 2800 would be welcome news at this time.
We Hit Resistance
As the North American markets moved back to their old highs from last year, we see an old theme play out – resistance...
The S&P Breaks Through 2825!
Are we going back to the top? It’s been around 6 months since the S&P 500 peaked in September at around 2940 and subsequently descended to the 2350 level on December 24, 2108...
That Was Easy
We continue to see a very impressive move from the bottom of the markets at the end of December as we try to get back to the top of the mountain. Back in December, the S&P 500 bottomed around 2350...
Did we HIT Rock Bottom???
December was a month for the record books but most don't prefer to experience such awful records. As we enter the New Year, we certainly see some green shoots as our main indicator, the Bullish Percent...