Friday, 1 January 2021

A positive 2020




The SPX ended the year on a very positive note, breaking a new historic high of 3760, and settling +134pts (3.7%) to 3756. The December candle offers zero sign of a s/t ceiling/turn, as the m/t bullish trend could be expected to continue in early 2021.  

I would note the key 10MA at 3242, which will be around 3300 in January. Monthly price momentum hasn't been this high since (at least) the early 1980s.  

Holding at MARCON 7.

Wednesday, 30 September 2020

Holding m/t bullish





The SPX broke a new historic high of 3588, but swung to 3209, and settling -137pts (3.9%) to 3363. The September candle leans to s/t bullish exhaustion. Primary downside target are the low 3100s, where the 200dma is lurking.

Considering the likely election outcome, and further stimulus, the m/t bullish trend could be expected to continue into early 2021. 

Saturday, 29 August 2020

Normal service resumes

Mini update - Aug'30th 2020

Monthly momentum turned fractionally positive in July, and accelerated across August.
Momentum could be expected to remain positive into 2021, as the m/t trend is unquestionably bullish.

To deem the l/t trend bullish, I would need to see 18mths trading above the monthly 10MA, which would take us to Oct'2021.