S&P closed at 1744.50 on Friday, October 18th, just shy of 5 points from reaching the important target of 1750. This target was mentioned in my blog post of May 19th.
This is what one member has to say about it a month ago.
“I really thought you were smoking crazy tobacco when you quoted 1715-1725 in late May, despite all the world news, national news, etc., S&P looks poised to make a run at 1700. Great call. You have gained my respect.”
– Financial Markets Wizard Member – ET
Since 1750 is important resistance for S&P therefore, it would not be a surprise if we see some kind of pullback. The pullback is not expected to be severe in nature rather slow and steady towards either 1719 or 1702. If the pullback starts to occur then it should be over somewhere start of second week of November and then another powerful leg will start which will continue till Thanks Giving.
This coming week is important and what the market does by Friday close will tell us its future direction. Whenever S&P closes above 1767 it will trigger my target (which I have mentioned about 5 months back) of 1825-1875. This target is expected to be achieved by year end or mid-January.
“I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I’ve never forgotten that.” Jesse Livermore