April 28, 2019 | An Ambitious Target for Bulls

The 3095 rally target I’ve projected for the S&P 500 cash index (see below) lies well above current levels. Bulls have had little trouble reaching middling Hidden Pivot targets in the past, but this one will require some effort, since the pattern that produced stretches all the way back to January. It also has unusual clarity, closely resembling a Dow pattern from the early 2000s that correctly predicted a major bull move. The Dow would be trading for around 28,000 if the S&Ps get there. Bears should have no illusions in the meantime that any negative economic news that comes out in the weeks and months ahead will negatively impact the picture. It is not chiseled in stone, but it should be regarded as a high-confidence forecast.
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Rick Ackerman April 28th, 2019
Posted In: Rick's Picks