Interesting Equity Markets
(This is an excerpt from the past weekend premium member report)
The cumulative A/D line for the S&P 500 remains close to a new high. I continue to view the S&P breadth to be positive for U.S. equities.
The DJIA has been unable to make a new high for the past 18 months. This is also true for the S&P 500. My thinking is that a decisive new high by these two indexes confirmed by a new high in the S&P A/D is required to put the cyclic bull trend back on track. The Factor Tracking Account is long the micro Dow Index.
A decisive close above 3021 would be a breakout on the S&P chart. Such a close would establish a target of 3640. Factor is flat. I will buy S&Ps if it breaks out before Dow futures. I would not wait for 3021 before acting.
Peter Brandt is a 40+ year veteran of trading. Through his Factor Service, members receive:
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