Here we go again! LOL
- Too many investors retain a negative bias of the market because of news or fundamentals upon which they solely focus.
- The market has struck an important support region.
- As long as this support holds, I am looking next to the 4900-5000SPX region.
For many months, I have been outlining a major market pivot to the members of my The Market Pinball Wizard analysis service between 4095-4270SPX. That is the major support in the market at this time. And, I noted earlier this year to our members that once the market exceeds that pivot, it will rally into the 4440-4600SPX region, and then come back to test that market pivot from above. As long as the market holds that support region, I am looking for a signal that we have begun our next rally to our next major target in the 4900-5000SPX region.
At the end of the week this past week, the futures market struck the top of this support region at the equivalent of the 4270SPX on the nose, and Friday we experienced a very strong rally off that support. Yet, I need to see a 5-wave structure off the low to provide us with our initial signal that the rally to 4900+ has begun in earnest.