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S&P Target Reached

sp-bullish

Well, as you can see on the graph we closed yesterday at 1052 on the S&P 5000 Index. In previous client communications and this blog I wrote that 1050 was our near-term target.

What now? I can tell you that for a target to actually be achieved, you have to close above it three days in a row or close 3% above it any one day. So, we still do not have an actual achievement of the target, but it could happen. The technical indicators I follow are very strong, probably the strongest I’ve seen since the NASDAQ rally.

The real issue this morning is that gold is trading pre-market at $1018. This is the highest level since its record of $1033 in early 2008, and reflects the country’s worries about the dollar, inflation, deflation, you name it.

I’ll be back with more, including the next price target for the S&P and the reasoning behind it.

Mark