The uptrend got bent the past couple of days. But it didn’t break. Last night it broke out of that Amazing Base, after New York closed. I mean you can’t help but be in awe.
You can thank me for the earworm too.
As you can see, at 6:15 AM ET, and 12:15 CET here where I am in Europe, we’ve had a little pullback from the overnight peak of 4093 on the fucutures. But the trend is very much intact. The lower channel trendline is at 4075 this hour, rising to 4078, at the open in New York. The bulls are still very much in charge if we’re above that line.
And I wouldn’t expect any significant decline as long as that Amazing Base is intact. Talk to me if and when they break the bottom of the Amazing Base at 4055.
How many poodits were forecasting 4000 on the S&P 6 months ago, and 4100 back last December?
Updated long term cycle projections as of October 26, 2020 show targets centered on the 3900- 4000 area on the SPX, due as early as this December for the 2 year cycle, and 2021-22 on the 3-4 year cycle
The 10-12 month cycle now appears to be in trending mode, with a new projection of 4150, which is up from a previous projection of 4100 in early November. Lee Adler’s Technical Trader, December 6, 2020
Not too many, I bet. You want to know where the projections point now? Join me!