The following is an excerpt from Tuesday’s FindLeadingStocks.com intra-week update. It was sent to all our members in the middle of the trading day:
Not much changed from our comments from earlier this week. We received a ton of great feedback after the update was published as markets near the lows of the day. In the short term the S&P 500 is fighting to stay above 1850 (prior chart highs). It is building a new trading range with 1884 serving as resistance and 1834 as support. Become A Member Now
S&P 500 Building A New Base:
With all the damage in growth-land in recent days, it is encouraging to see the S&P 500 defend the 1850 area, continue trading above its 50 dma line, and is only -1.17% below its record high (printed last Fri- or only two trading days ago).
Pictures Tell The Best Stories:
Intermediate and longer term the action remains very healthy as the market continues building a new base up here to consolidate last year’s very strong gain. To reiterate, I want to see more technical action before I can say this bull market is over. Keep in mind that we have not had a 10% correction in two years which is very bullish in and of itself. I have attached a Daily, Monthly, Quarterly, and Annual chart of the S&P 500 for your review. As always, the picture tells a much better story than any one person can. Join Here If You Want Advanced Entry Points In Leading Stocks And A Ton of Setups Each Week
S&P 500 Daily Chart