InvestingScope
Long

Is 3,000 realistic for S&P by mid 2019?

CME_MINI:ES1!   S&P 500 E-mini Futures
Fundamentally the Fed made clear this week that it is as their outlook doesn't include any hikes for 2019.

From a technical perspective we also believe there is a strong possibility to see 3,000 by this summer. We see a similar pattern behavior to those of June/ July 2018, when the index was rejected on the previous Double Top but found the necessary Support to fuel the next bullish leg.

Similarly we had a Double Top rejection at the start of March but the price found again support and is already much higher than the rejection level. This has all the characteristics of the 2018 pattern and if the High to High rate continues (+2.45%), we can estimate the next (all time) High to be around 3,000.






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Thanks for sharing.
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@Master4, You are welcome. Always happy to share.
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Hi , I normally agree with all your ideas and thanks for posting them. This one not so sure about. Have a look at the russel is showing a completely different picture. Also the vix is at extremely oversold level and moving up. I am short russel 2000 now.
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InvestingScope etfsandstuff
@etfsandstuff, You are very welcome. All your arguments are valid. This only shows the important cross roads that the market is in at the moment.
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Critical juncture. Sure could bull higher but technicals look pullbackish with bearish engulfing 3/22 after panic buying 3/21. Could be end of the run and a right shoulder; or just another dip on the road higher.
Got Treasury yield inversion now and Fed holding rates because of weakness in economy is actually bearish. Longs and shorts are all really risky now, more than ever. Maybe good time to go fishing.
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etfsandstuff DaddySawbucks
@DaddySawbucks, agree fed holding rates means they are worried.... also think about how this market will hold up now that BA has been taken out of the picture, the boeing thing is a big deal. One last note, we just hit the spring equinox, i always keep the solstices and equinoxs in mind because frequently they mark major trend changes.
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InvestingScope DaddySawbucks
@DaddySawbucks, The Fed certainly sees weakness in the economy even though they wouldn't admit it but their actions this week gave them away. Those very same actions however have worked more than well at keeping the stock market supported. It is a critical juncture indeed.
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All good things come in threes. The same applies to the bad things.
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@ReallyMe, This is certainly one of the "good" things then.
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ReallyMe InvestingScope
@InvestingScope, We'll see soon. If this was a top then this was the third good thing and the third bad thing is about to unfold.
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