So what does your permabear editor see next for the bull market that won’t die? For starters, an S&P run-up to the 3348.75 target of the pattern shown. If and when it is reached — a very good bet, in my estimation — the Dow Industrials, currently trading for around 28,538, would be at 30,000. The whys and wherefors are irrelevant, since the technical signs are clear enough. Although bulls did not exactly impale the midpoint resistance at 3209.88, they got well past it last week and seem to have turned it from resistance into support. This suggests that we should use p2=3279.31 as a minimum upside projection for the near term, meaning mid-to-late January or so. _______ UPDATE (Jan 2, 6:48 p.m. EST): What the heck could I have been thinking when I wrote above that this hot-air balloon would take another week or two to waft up to 3279.3? Looks more like it will happen by Monday, if not sooner.
ESH20 – March E-Mini S&P (Last:3262.00)