November 8/18

S&P 500:

After a huge up day yesterday the S&P 500 consolidated today, closing down 7 points. The S&P is trading above its 200-day MA (pink line) and within its 2-year uptrend channel. The S&P needs to push above the 2830 level by Monday or it re-opens the door for a possible cycle inversion where instead of a rally through to year-end we see a re-test of the 2600 level with a potential challenge down to the 2475-2500 level we discussed in Monday’s blog

Long-term trend is bullish

Immediate trend is bullish

Our current position is neutral

Subscribers to the Trend Letter will get a full update on Sunday.

Stay tuned!