In the past year, the pullbacks have been getting smaller but the rallies have to. In the last year, rallies off meaningful time or price bottoms lasted 8-18 trading days with only 2-4 small down days mixed in before they ever pulled back 30+ points. The previous year witnessed several rallies 22+ days before pulling back 30 points. Most of those pullbacks were quickly erased too. Today was Day 13 of the rally without a 30+ point pullback. So, this tells me SPX is likely to pullback 30-40 points any day now with 2005 or even 2020+ being possible tops thereby making the 1960-65 breakout area or 1980-1990 breakout area the probable targets with new highs (or close to it) after that.
After I analyzed this, I came across the following article which raises a similar point about all the V-shaped bottoms in the last couple years.
http://blogs.marketwatch.com/thetell/2014/08/26/this-chart-shows-how-v-shaped-stock-market-rebounds-have-become-the-norm/
Monday was a small SOS day most of the day but fell off the list late in the day. SPX has rallied despite the 2 recent big SOS days but in limited grinding fashion. Retracing to the 1965 breakout area mentioned above would be consistent with previous scenarios this has occurred. Good fortune.
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