The Late March Rally Continues
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In our previous July 1st Stock Market Update & Asbury Investment Management Video, we pointed out that a cluster of major underlying support at 3022 to 2955 in the S&P 500 (SPX) had been tested twice — on June 15th and 30th — as the benchmark US index attempted to recover from it. We said this support area was likely to become the starting point of SPX’s next significant directional move — either up or down.
Chart 1 below, an updated version of the one from that July 1st report, shows that support area — which has since been adjusted to 3030 to 2955 — has indeed held, and that SPX has since risen from it to test primary overhead resistance at 3215 to 3233. It has been hovering there for the past week.
Meanwhile, Table 1 below shows that our Asbury 6 tactical model shifted back to a Positive status as of July 2nd. Its recently-tuned-positive constituent market internals are what helped drive the S&P 500 off of major support and up to its current test of overhead resistance.
Moreover, as unlikely as it may be amid current economic conditions, a sustained Positive reading in the “A6” amid a rise above SPX 3233 would clear the way for a potential retest of 3394, the February all-time high.
It is during times like these — when stock market direction does not seem to match up with economic conditions and what we see in the news — that our data-driven approach is especially effective in keeping us on the right side of the market.
Our latest video below shows how we have navigated these recent market conditions in real time.
Asbury Investment Management (AIM): Our Latest Video
Asbury Research Ideas, Expertly Managed
Here is our July 15th 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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