friday update

SHORT TERM: no record close for the DOW today.
After making a low by 10:00 the stock indices rallied until noon. Then, a gradual deterioration from the highs truned most of the indices negative for the day. It’s been a good month, and as I read earlier, a good quarter overall. For the month, the SPX rose 2.5%, the DOW 3%, the NAZ 4%, and the NDX 5%. On the week most of the majors rallied 2%. The SPX hit a new bull market high of 1340, and the DOW a new bull market high of 11,742. The NDX/NAZ made new highs for the uptrend. But after that serious May- July correction, are still about 5% from their bull market highs, as expected. It will only take the SPX a 3% higher to hit our target of 1383. This should take the DOW to new all time highs. And, a retest of the bull market highs for the NDX/NAZ is also expected. After that we should get a correction, and then, a resumption of the bull market. Best to your weekend!
MEDIUM TERM: bullish … all major indices uptrending
LONG TERM: bullish.
 

About tony caldaro

Investor
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4 Responses to friday update

  1. tony says:

    Hi Andrew,
     
    I\’m expecting the SPX to reach 1383 without any meaningful correction. Naturally, depending on how high wave iii travels will determine the support levels for wave iv. After the SPX reaches the target, and probably overshoots it a bit, like it has done during the past four targets. Then a meaningful correction should occur. And, it definitely will be more than 30 points, possibly even 70 points as you mentioned.
    Lets watch how this wave progresses. It is already setting up EW pivot support points as it unfolds. I have not listed them yet. But I am certainly keeping track of them. Since SPX 1316 was such a formidable resistance level. I would expect any meaningful correction to find support there. Appreciate your questions.
    Regards,
    Tony

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  2. tony says:

    HI BMZ,
     
    Your kudos are well appreciated.
    Yelnick is no different than most other sites, unfortunately.
    They all have their party bashers 🙂
    Appreciate your comments!
    Best regards,
    Tony
     

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  3. BMZ says:

    Tony-
     
    Just want to give you a real high five for your assessment of the U.S. equity markets. I mostly follow you thru the yelnick site and think your calls are truly "objective."  (I did not want to congratulate you on that site because there seems to be more than the usual lot of idiot-bashers who will find a way to tarnish your well-deserved kudos).  Keep up the great work.
     
    BMZ_Chgo

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  4. Unknown says:

    Hello, I have a question with regard to your target price of 1383 for SPX. I know it is feasable, but could it be likely that SPX will have a pullback before this target is met (let\’s say SPX to 1363 or 1373 instead) maybe later next year with more to come? When you talk about "getting a correction" in SPX, are you referring to small correction (30 points) or larger one (more than 70 points).

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