After dropping a mere 1.8 percent from its December 31st historic high in the first two weeks of January, the S&P 500 closed at an historic high yesterday on the heaviest volume since November. If you do any form of technical analysis, things actually are looking pretty good here, I must admit!
This week was another shallow pullback of the sort that has been typical of the past two years.
The worst decline of last year was a 7.5 percent pullback in the S&P during May and June, when then Fed Chairman Ben Bernanke first broached the possibility that the Federal Reserve would be winding down its stimulus program.
I have to say the market still is holding pretty well, after many analysts out there were saying the market was going to crash first thing in 2014 the market has pretty much done nothing at all.
The volume chart since the end of DECEMBER 2013 is increasing in volume, and price. This is not a bearish situation. So again we would not be surprised to see higher prices coming on the indicies soon. Just a guess, so we will take it one day at a time.
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