Market Met Best Hopes of Bulls, Worst Expectations of Bears- Now What?

The market met the best hopes of bulls and worst expectation of bears last week as it broke out above 2673 and hit my potential target of 2725. It’s in a meltup channel but faces multiple resistance lines. Here’s where they are and what to look for.

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Below is what I wrote last week. To get this kind of specific advice every week, click here!

The market is again at a crossroads…

Bears need a stop right here. A close above 2673 on Monday would set the market on a path to at least test the last minor high of 2717, and possibly move to the top of the intermediate downtrend channel. That would be around 2725 this week…

As a whole, the setups favor a turn to the upside…

The market hit the exact target price. To get this kind of specific advice every week, click here!

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also provide analysis and charts for David Stockman's Contra Corner which I developed for Mr. Stockman. I’ve had a wide variety of finance related jobs in the past 44 years, including a stint on Wall Street in both analytical and sales capacities. Prior to starting the Wall Street Examiner I worked as a commercial real estate appraiser in Florida for 15 years. I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. My perspective is not of the Ivory Tower. It is from having my boots on the ground and in the trenches of the industries that I analyze and write about today. 

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