Doldrums

posted Jun 26, 2014, 12:29 PM by Katie Shook   [ updated Jun 26, 2014, 12:30 PM ]
Thursday June 26, 2014
Again, the 1950 are was the Tuesday magnet.  As the S&P500 approached 1970 (with a rather significant technical pivot at 1972 or so), it failed to push higher and slid back down below the 1950 level.  Wednesday was a climb back up to 1959 by the close.  The technical pattern is now sideway, indicating that we could see a few more days of consolidation around the 1958 price.    All indications remain that this thing is going to test the 2000 level though.  This will be a big test though.  Does the market go higher, or do we find ourselves staring at our next correction?  Or crazier yet, do we find ourselves in a more extreme pattern?  

Look for a narrower range today, with markets unlikely to push above 1970, but also unlikely to fall below 1950.  Welcome to the summer doldrums…

Weeklies 6-26-14

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