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Two Steps Forward, One Step Back

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.


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