SPX 1050? Saw this from other website: The 1929-1930 equity rally lasted 147 days & was 46% The rally off the March 6th low this year has been 145 days and is 46%
Next resistance is around 1014, thereafter 1050. If we break 1000 which I believe we will there will be more upside. Many bulls throwing out predictions as high as 1250. I do not see any catalyst to keep this momentum going.
1250 for SPX seems a bit too high for me too. I'm thinking Dow 10k, which would be around 1030-50 for SPX I guess. I'm not ruling out a superspike scenario, however.
I think the catalyst we need is the one that starts sending the markets downwards again, right now we're floating and I suspect maybe for a while more. However, it seems certain that the 'recovery' won't be steep and we're stabilizing at a lower level. So the catalyst needs to pound that reality in before we head lower.
nice... i think up again for a while, but a strong retracement after that collapse+rally is not a fairy tale...
I think the market will have a strong rally to 1050 then drop to 863.88 or we could have a strong decline to 863.88 and then a huge rally to 1050 or we could trend sideways for awhile then burst forward or decline precipitiously or we could rally until all the buyers are tapped out then drop like a stone or we could decline until everyone sells then rally cause there is no one left to sell or an enormous meteor could hit the earth and over a period of 633 days pretty much eliminate life on earth which makes all my predictions a moot point.