Friday, November 18, 2005
S&P Bull Market Boxes
Here is a daily chart of the cash S&P 500 index going back to the August '04 low near 1060.
I have drawn the boxes which I believe are controlling the bull market advance from the October 2002 low at 768. These boxes are 187 points high.
As you can see the index has established a new high print for the bull market this morning and I believe this represents the early stage of a decisive move above the 1/2 point of the box which stands around 1236. The top of the current box is roughly 1328 and my preferred bull market target of 1355 is just a tad above there.