What’s Next…with an update
The market will probably make a broad secondary top, 1350 to 1440 on the S&P 500 over the next three months before heading lower.Â While oil prices are a factor weighing down the market, the biggest factor is the depletion of asset values in the real estate and related markets that is moving through the economy.Â Also, we continue to believe oil will be pulled down by the asset writedown when this the last wave of Iranian influence subsides.
Afternoon update at 1:40 PM CDT
The swingpoint of this secondary topping area is 1395 which we just hit this afternoon..Â Based on that level two main areas of trading will see most of the trading 1370 to 1395 and 1395 to 1420, leaving outlier areas of 1350 to 1370 and 1420 to 1440.
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