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Thursday, March 14, 2013
SPX Then and Now
It looks like SPX is trading the beginning of last year's daily chart scenario. The price is lagging 2012 advance by 1.8% currently. Can you believe this? Everyone is worried about how overbought SPX is (including yours truly), and it is not even on par with last year's advance on this date. It looks like it is going to hit a speed bump around 1565, if it is to match last year's blue bar. Projected 2% pullback will take it to 1534. After that SPX may push much higher in the last leg of the rally, in order to make up the rest of last year's 13% advance. So I would estimate 1611 for a target, which may be reached sometime in April. That's where SPX may finally pause and find ample amount of sellers for its first correction of the year.
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Looks very good.
ReplyDeletesp'1600s would arguably wreck just about all the doomer outlooks. It will be interesting to see the reaction out there.