The markets followed through on Tuesday (>1.5% move on higher trading volume), taking the shorter term outlook from a correction to an uptrend.
The intermediate and long term Elliot Wave uptrends remain intact, and the markets aren’t showing any signs of testing them any time soon.
For a four day trading week the market did fairly well. It opened at new all time highs on Tuesday. Then made higher highs, with small pullbacks along the way, every day this week. For the week the SPX/DOW were +0.95%, the NDX/NAZ were +1.50%, and the DJ World gained 0.75%. On the economic front reports continue to come in higher. On the uptick: durable goods, FHFA housing, consumer confidence/sentiment, pending home sales, personal income, the PCE, Chicago PMI, the WLEI, the monetary base, and weekly jobless claims improved. On the downtick: personal spending, Case-Shiller and Q1 GDP. Next week we get the ISM indices, monthly Payrolls and the FED’s Beige book.
LONG TERM: bull market
We are now 62 months from the March 2009 bear market low, and this market is still making new all time highs. During this period the SPX has gained 188%. Quite impressive. Despite…
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