There is a fair bit of chatter out there at the moment, bears are obviously desperate for a down cycle..we might get one across the next few days (ala' holiday reversal), but it might only be 2%.taking us back to sp'1410/05.
The notion that we fall anything more than 3-4% seems...unlikely. We have the jobs data on Friday, so if we do sell off a tiny bit..and we're hovering around 1400/05 - with the 60min cycle floored, I'll be a buyer there.
SP monthly cycle - bearish outlook
Here is a really simple chart, clearly the current cycle remains UP. However, we're now at month number'7 into this cycle, and you can see the previous up cycles were roughly this kinda length -before a multi-month retracement.
1440 is indeed a VERY important line, I still believe if we can get a few closes over 1440, then 1550 - by July is a given.
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*As I type, AAPL is already +$5 pre-market, despite the main indexes being -0.25% generally.
Good wishes for Tuesday trading!
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