By Matthew Kerkhoff
Some folks are calling this a trendless market. In the short-run an argument can certainly be made for that. But in the long run there’s no question the trend remains bullish. Let’s take a quick look at a monthly chart of the S&P 500 to get the long run assessment out of the way, then we’ll take a look at the daily action to see where things might be headed in the next few weeks.
Below you can see that the six-year bullish trend of the market remains intact. We’ve been on an upward glide path since bottoming in 2009 and currently sit about a hundred points above that trend line. The S&P would have to close below roughly 2,000 to put the long term trend in question.
Even though we’ve seen a lot of volatility lately, notice that at the top of the chart the monthly RSI has stayed in ... Log in or subscribe to continue reading.