Off the Charts
The market saw its winning streak snapped at four trading days as stocks digested gains from last week. Today it was reported on CNBC that the market has closed negative on 14 out of the last 15 Mondays. The S&P 500 was the weakest index, finishing the day down 0.31%.
Earlier in the summer, when the S&P was holding its accelerated uptrend, we placed our year-end price target at 1440-1470. We have now hit that price target, and we still have more than three months until the end of the year. What now? This price target was given before the current cup-and-handle pattern had developed. On the basis of that cup-and-handle pattern, the measured move is now to 1560, although it could take longer than three months for us to reach those levels....985 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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