Still on that road to nowhere.
Last Friday and the Friday before that, our bounce chart has looked like this:
- Dow 36,000 to 34,200 has bounce lines of 34,560 (weak) and 34,920 (strong)
- S&P 4,700 to 4,465 has bounce lines of 4,512 (weak) and 4,559 (strong)
- Nasdaq 16,500 to 15,675 has bounce lines of 15,840 (weak) and 16,005 (strong)
- Russell 2,400 to 2,080 has bounce lines of 2,144 (weak) and 2,208 (strong)
Sadly, these are the bounce lines from our December highs, so we've been going nowhere for over 2 months now and that is NOT a bullish sign. It is, however, a sensible sign as these are lines off the top and the top was RIDICULOUS and that's why they call it a "correction" and not a "mistake" – the market is simply pulling back to a more realistic level. That's why our rolling strategy is so important and I went over that with our Members in yesterday's Live Chat Room as there's no sense in going through these pullbacks if you are not…
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