Market Timing Brief for the SP500 Index Close on 1-10-2014: Finally Made It Back Up Over “My Number”

A Market Timing Report based on the 1-10-2014 Close published Sunday January 12th, 2014

The SP500 Index (SPX, SPY) hit my first major target and pulled back, but it has not broken down badly yet.  This week it danced around an important resistance number (which I affectionately refer to as “my number” of the day), which was 1828.24 this past week, the high on 1-03-2014.  I did not have to look up that number to type it, because it had the market under a spell for not just one day, but for several days.  For 3 days, it closed below it after trading around it each day, and on Friday, the market was finally able to close above it, which is Bullish.  I now expect the market can either hit that white line again or at least re-top at the prior high of 1849.44 or so.

sp500-index-market-timing-chart-2014-01-10-close

SP500 Index hit one of my targets, pulled back gently and is now SLOWLY rising.

As mentioned last week, investor sentiment is starting to flash caution signs.  I covered my thoughts on investor sentiment for free subscribers on Thursday, and why there may be one more push up before a significant correction, so be sure to read it.  You can access my thoughts after getting the password here: Free Subscription to My Newsletter and access to my latest comments  I’ll send you back the password to the access page and the monthly newsletter in the same email.

Standard Disclaimer: It’s your money and your decision as to how to invest it.

I also comment regularly on Twitter: Follow Me on Twitter

I thank Worden Brothers for the chart system I use to post these charts.  If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.

Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.

Copyright © 2014 By Wall Street Sun and Storm Report, LLC All rights reserved.

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