The cash SP500 reached the medium (blue) moving average yesterday. Will there be a reaction here? The early read of the technicals say that if there is, it will only be a hesitation, and that a higher target will be reached for.
The price targets to watch are: The medium (blue) moving average, 1245-1247 fibonacci and Trend Factor targets, the long (green) moving average and TDST resistance at 1332.
Bottom Line: I believe a counter-trend rally is underway. My mechanical allocation mix meter has risen to +50% - the bullish potential over the near term should be respected.
No comments:
Post a Comment