www.armstrongeconomics.com
This is the most bearish rally perhaps in history. The number of people
yelling the market will crash 80% to 90% are still amazing and the
number of short positions remains at record highs proving this rally is
far from over.
Now we approach a cluster of Weekly Bullish Reversals
below the former major high of 18351.36. The three reversals providing
resistance stand at 18138, 18230. and 18289. The technical resistance
stands at 18580 and 18956. So even if we were to break-through to new
highs, we are not yet ready for lift-off.
We can see even the
oscillators are not at record highs. Only a weekly closing above 18289
would signal new highs ahead. Breaking above 18000 shows we are pressing
higher. So watch the cluster of resistance for now as we move into next
week.
After this rally peaks, we should then pull back and retest the
Downtrend Line in purple in the mid 17500 zone. Building a base above
that level will be extremely bullish for the future, but that may be
asking too much just yet.
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