Thursday , 28 March 2024

Where Do We Go From Here? 1929 on the S&P 500 Is Key! Here’s Why (+2K Views)

Where do we go from here?  The trend is up in the broad markets (above 200MA and Advance/Decline line is at all-time highs) and the S&P 500 is on the verge of a breaking through resistance at 1929. Why 1929? What would it mean if it did?

The above are edited excerpts from a post* by Chris Kimble (blog.kimblechartingsolutions.com) entitled S&P 500 within 1% of target price….Now where do we go from here?

The following article is presented by Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!) and the FREE Market Intelligence Report newsletter and has been edited, abridged and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.

Kimble goes on to say in further edited excerpts:

Back in November I posted an article in which I proclaimed that the S&P 500 would face stiff resistance at the 1,929 price level because two price points meet at that level:

  1. support dating back to the 1987 & 2003 lows and
  2. a Fibonacci extension level based upon the 1974 & 2003 lows.
CLICK ON CHART TO ENLARGE

All of these price resistance points come together at one price zone, creating a central zone of resistance.

  • If the index were to break through it would strongly suggest that the upward trend continues.
  • If for some odd reason the trend changes on a dime up there, these price points would be more important than they might seem right now.

Stay tuned!

Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.

* http://blog.kimblechartingsolutions.com/2014/06/sp-500-within-1-of-target-price-now-where-do-we-go-from-here/

Related Articles:

1. Are We In Phase 3 – the Final Phase – of This Bull Market Yet?

Are we in the third phase of a bull market? Most who will read this article will immediately say “no” but isn’t that what was always believed during the “mania” phase of every previous bull market cycle? With the current bull market now stretching into its sixth year; it seems appropriate to review the three very distinct phases of historical bull market cycles. Read More »

2. Watch These 12 Data Points For Future Direction of Gold & Stocks

A big short term move in both stocks and gold is probably fairly imminent as periods of extremely low volatility like we are currently experiencing are invariably followed by periods of very high volatility that are brought about by a trigger event of some sort. There will probably be an advance warning somewhere, in a corner of the markets that perhaps isn’t widely watched…[so] keep a close eye on these 12 inter-market signals. Read More »

3. The Best Stock Market Indicator – Ever

Below is a description of what I believe to be the best stock market indicator – ever. I am referring to the percentage of S&P 100 stocks above their 200 DMA which gives traders a clear early warning signal of impending serious market downturns and later safe re-entry points. Read More »

4.Should You Care What’s Happening On the Nikkei 225? YES! Here’s Why

Should markets around the world really care about what the Nikkei 225 Index does? The Power of the Pattern suggests “yes”! Here’s why. Read More »

5. Which Will It Be – 63 Years of Data Suggesting A Major Pullback Over the Next 6 Months OR the Power of This Market Rally?

Last year’s “Sell in May” period was only the third time since the turn of the century that stocks have postedstockcrash-2 double-digit gains from May through October so, with stocks still near all-time highs as the calendar flips to May, do the law of averages suggest we’re on the brink of a major pullback over the next six months? Read More »