The decade-long bull market in stocks — and particularly the rally from the December low — has created a horde of disgruntled bears lurking for a chance to scare. Their chance may be approaching.Last week the S&P 500 Index SPX, +0.14% tested the long-term trend-channel support shown below and bounced. However, as projected here last week, the bounce didn’t last, and this week brought a second test of the trend channel.
Originally published in the April 28, 2019 Profit Radar Report, the image below outlines my preferred scenario in broad strokes.Projecting a 600-point decline last month was bold, but the S&P 500 already got 150 points closer to the ideal eventual “revenge target” of around 2,350 . Bear revenge speed bump No. 2 Let’s suppose support at 2,800 does fail — the next “speed bump” would probably come into play around 2,700. Why?
Source: News Formal (newsformal.com)
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