This fellow was right when he called bottom at 666
S+P 500 Breakout from May’s Range Seeks Our 950-1000 Pre-Summer Target
After bullishly consolidating for the entire month of May above the 875 April range breakout, June 1 is seeing an impressive gap up (920-923) and acceleration above the 930 May 8 high. Also above the 928 200 day moving average (although it’s still falling).
We’ve been persistent in suggesting that as long as 875 held, that our 950-1000 “mini-bull market” destination would be seen before the first day of Summer (June 21). The upper-end of the range can be exceeded by a little bit, but we still expect a decent correction this Summer (July-Sept) back to 875-830 (max 800); and suggest defensive measures at our higher target levels this month.
First resistance is the 944 Jan high, and the 946 March 6 equal swing obj.
The May range breakout target is 970-981. The April channel high is 973.
“Just above 1000”: The Nov 4 top was 1007. The Oct 14 top was 1044.
Right now, we do not want to see closes back below 920 and 913, as that would suggest an interim top has already been seen.
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Technical Analyst Michael Krauss on S&P 500
This fellow was right when he called bottom at 666
S+P 500 Breakout from May’s Range Seeks Our 950-1000 Pre-Summer Target
After bullishly consolidating for the entire month of May above the 875 April range breakout, June 1 is seeing an impressive gap up (920-923) and acceleration above the 930 May 8 high. Also above the 928 200 day moving average (although it’s still falling).
We’ve been persistent in suggesting that as long as 875 held, that our 950-1000 “mini-bull market” destination would be seen before the first day of Summer (June 21). The upper-end of the range can be exceeded by a little bit, but we still expect a decent correction this Summer (July-Sept) back to 875-830 (max 800); and suggest defensive measures at our higher target levels this month.
First resistance is the 944 Jan high, and the 946 March 6 equal swing obj.
The May range breakout target is 970-981. The April channel high is 973.
“Just above 1000”: The Nov 4 top was 1007. The Oct 14 top was 1044.
Right now, we do not want to see closes back below 920 and 913, as that would suggest an interim top has already been seen.
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