Market Timing Brief for the SP500 Index Close on 2-28-2014: Up and Over

A Market Timing Report based on the 2-28-2014 Close published Sunday March 2, 2014

The SP500 Index (SPX, SPY) is at an ALL TIME HIGH (or by Monday WAS).  Yes, that record and it’s also two days over the prior intraday all time high set on 1-15-2014.  The issue is that there is a resistance line (top white line) at which the SP500 stopped on Friday after falling back from a clear cut breakout.  So Monday is the big decision point.   As of this time, our futures are down 0.90% from CNBC’s fair value number and Asian markets are faring even worse.

Here’s the SP500 Index Chart: (Note that the 50 day moving average is buried under the second red line from the top as they converge.)

sp500-index-market-timing-chart-2014-02-28-close

Over the top or is it? Right at a resistance line at an all time high.

Please read my investor sentiment work from the end of the week if you haven’t.  It gives you my latest trading strategy.  You can access those 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.

NOTE: The Gold and 10 Year Treasury Market Charts will be posted shortly.  See the link to the upper right.  Thanks.

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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