US Stock Market Resuming 2019 Advance On Improving Market Internals
In our previous August 21st update, we pointed out that the benchmark S&P 500 (SPX) had recently tested and held major underlying support at 2817 to 2800, on August 5th and 15th, and said the 2019 major uptrend in the US broad market remained up (bullish) above this support. We also pointed out that minor overhead resistance existed just above the market at 2941 to 2954, and said the minor trend in SPX remained down (bearish) below this resistance.
Since then, our Correction Protection Model (CPM) turned back to a Risk On status a day later, on August 22nd. About a week after that, on August 29th, 5 of our Asbury 6 key market internals turned back to Positive (bullish) per our table below. When all Asbury 6 are positive, market internals are the most conducive to adding risk to portfolios.
The chart below, updated through this morning, shows that SPX gapped above minor resistance at 2941 to 2954 this morning, confirming with price action the improving market internals that our CPM and Asbury 6 were indicating in late August.
This clears the way for an upcoming retest of the July 26th all-time high of 3028, as long as the 2950 area now contains the US broad market index as underlying support.
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