The January Market Rebound: The Resumption of The 2009 Bull Market, Or Just A Correction In An Uncompleted Bear Market?
In our January 2nd Keys To This Week report (access requites subscription), we suggested that our subscribers “consider putting a small, preliminary percentage of available assets to work at or near this level in the event that the US stock market does indeed stabilize from decade-long support levels.” We actually displayed and discussed one of those secular support levels, in the NYSE Composite Index (NYSE), in our previous January 23rd free update.
About 2 weeks later, in mid January, we suggested that subscribers consider putting an additional portion of available assets to work as the benchmark S&P 500 (SPX) rose above what we considered to be primary minor overhead resistance at 2600.
The chart below shows that SPX has since risen by an additional 140 points or 5% and is currently testing major overhead resistance at 2741. It represents the index’s 200-day moving average, a widely-watched major trend proxy.
If SPX can manage to sustain a rise above SPX 2741, while maintaining its recent technical strength as indicated by our Asbury 6 key market internals, it will clear the way for a retest of the September 2018 all-time high of 2741.
If the market weakens from here, however, it would warn that the current major downtrend in the S&P 500 is resuming. If it’s the latter, we will move to a defensive stance that protects investor assets.
The video available below shows how we have actually managed investor assets amid these recent market conditions for our Asbury Research Management clients.
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Click Here for our 02/05/2019 Video Review, which explains how we have recently utilized Asbury Research’s market analysis and investment ideas to professionally manage client portfolios.
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