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March 13, 2017 | Stock Market Bulls Had Better Take This Chart Seriously

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

[Editor’s note: I am going to keep this analysis at the top of the page for a few days because I want to be clear and loud about where I stand. RA] In January, with the E-Mini S&Ps trading at 2292.00, I sent out to subscribers a 2403.30 target that implied a rally equivalent to 1000 Dow points was imminent. A month later, after the futures had rallied 65 points and the Dow 500, I doubled down on the prediction, noting at the time that a further ascent to 2403.30 “was as certain as an ostensibly unpredictable event could be.” Time proved me right when, two weeks ago, the March E-Mini contract came within two points of the target. This is shown in the chart above. The futures have since retraced slightly, but given the importance of the target, which took more than a year to reach, we should be open to the possibility that the bull market begun exactly eight years ago has finally topped. I’ll let the chart, with target levels derived from the Hidden Pivot Method, speak for itself as to the clarity and importance of the recent, record high.

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March 13th, 2017

Posted In: Rick's Picks

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