Currently, the short-term trend for the SPX is NEUTRAL. The intermediate and long term trends are still very BULLISH! There is No trend, in the market, at this time. It is neither overbought or oversold.
The SPX is in a ‘Non-Trending’ market. I expect this next retracement will be completed by the end of April 2017. I plan on taking advantage of this summer’s rally.
I am anxiously watching the 50-day moving average, for the next direction, as to whether they are about to roll over. This moving average is one of the most-watched technical indicators for institutional firms and helps shift market psychology. I am still looking for much higher highs in the stock market throughout 2017.
As I have mentioned, in my previous reports, I am expecting a pullback/consolidation in the equity markets.
I am expecting gold to cross $1300.00/oz. and silver to cross $19.00/oz. by the end of April.
In addition, I am expecting a “buy-in-May” event in 2017. This could begin our rally with the SPX reaching into the 2500 area during the summer.
This market is Not bearish, so I would suggest that you not trade against this very strong BULLISH UPTREND.