What happened to the important 2620 level of the S&P500
Seems to be above that now
been busy reporting season lots of reading to do , you must have missed my post a little back i said market needed to get above and stay above next resistance of 2800 sp500.
if you look thru my posts i also said the us markets were in a big range that would be decided this yr ( correct at this stage ) as the dec rout attemted to break it down thru the range and failed now we are heading back to the top of the range. my bearish stance end of last yr was warranted as we were heading down to the bottom of the range which equated to a 20% drop no small change.
9 of the 10 last weeks have been higher on the US markets, likely to have priced all of the bounce back of a potential trade deal going through as well as the change of tone in the Fed. Shiller PE back to a 30 (highest of 34 during last year).
I'd be a bit careful because a change in sentiment on both will likely bring in back down to December levels again further on.. From a domestic market pov, that's when buys might present itself because I really think the markets here are very overbought and earnings were quite flat.
since ww2 according to this report stocks have rallied 100% of the time after mid term elections on average 17% so this rally so far is not un normal in fact it is quite normal and on average quite a mild rally at this point of time.
people need to remember also there are a lot of fund managers who have missed the rally since jan and are now forced to re in vest there cash on the sidelines or run the risk of having people with drawl there funds due to non performance. so this is another catalyst to propel markets higher in march
just some headlines crossing now about trade deal. should mean us futures will open strong at lunchtime
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Originally Posted by winner69
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