For me, the daily chart for the SP 500 involves pure guesswork as to market direction in the
short run. Since guesswork is not my forte, I am passing making short term projections at this
time. I am still intrigued by the idea of a run down to SPX 1250 or thereabouts over the next
couple of weeks and I would be more strongly inclined to argue that case save for a rare
"down and back" around trendline which the SPX just executed ( a break below trendline and
a quick jump back above). Sometimes a "D'nB" is the base for a continuation of the uptrend, and
sometimes it is the prelude to a whipsaw. This fancy move in the SPX has not been confirmed
by the smaller cap. composites. ($SPX daily).
The weekly SP 500 chart remains trend positive but is also still overbought. ($SPX weekly).
About Me
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 40 years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!
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