Market displayed a divergence with the A/D line on the last SPX pull back to 2020ish level. The bounce off from this latest pull back failed to exceed pre-pullback pivot high. As the current pullback is taking its course, the A/D line will be the key breadth indicator to watch. Near term potential support level for the SPX is near 2056 level on a closing basis, and the potential resistance is near the 2110 level.
Monday, November 30, 2015
Wednesday, November 4, 2015
Announcement: This will be my last blog post until after Thanksgiving. I will be away for a few weeks on my long overdue vacation. I will resume blogging after Thanksgiving. Until then, I wish you and your family a Happy Thanksgiving!
Since the September 29 close, the market has been on an upward trajectory that has made many market participants scratching their head and wondering how high this market can go without a pullback. The simple answer is, “It can go higher than anyone might believe.” In other words, don’t waste time focusing on how high the market can go, focus on how to ride the trend as long as it is here. The market will stop going higher when it has decided to stop rising. Simple as that!