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