The SP500 just rallied nearly 30% in 2013 without a correction of any sort. The media is going nuts about how the first 5 days are important and usually set the tone for the year. This seems like 2014 is set up for a big fail then. I would think again. We are having just a bit of pressure, selling, and consolidation in the markets without any real downside, which is great. If we can hold 1828 and then get back above 1845, it looks like we could have another leg higher in this market. My swing targets would be 1865 to 1875 on the next leg up.
If we break 1828 i think we test 1815 range. So keep watching and don't miss out on the next leg up because the first 5 days were flat/down.
If we break 1828 i think we test 1815 range. So keep watching and don't miss out on the next leg up because the first 5 days were flat/down.