S&P 500 Monthly - Higher projections generated and still alive
Valuations stretched, Long Term Momentum measures at maximum overbought levels and still the market could move higher, perhaps substantially higher than the two projections noted here (refer to the chart - the projections would be generated on the negation of the possible Macro 'Diamond' pattern and the breakout from the Macro "Megaphone" pattern.
Higher projection 1). 3910 - will negate on multiple consecutive Daily closes below ~ 3450 now.
Higher projection 2). 4037 - will negate on multiple consecutive Daily closes below ~ 3677 now.
Note: Since 1987, every major Macro top and bottom has occurred in March or October. The only January MACRO high that occurred from '87 was that of the January '2000 high in the Dow Jones Industrials - the S&P 500 peaked in March while the Dow registered a lower secondary high.
I suspect we could see a high registered this month but given the lack of the clear negative Divergences now on the Longer Term Modified MACD on the Monthly chart, I suspect that the final high could be registered in March with clear negative divergences forming by then on the Longer Term Momentum measures.
Higher projection 1). 3910 - will negate on multiple consecutive Daily closes below ~ 3450 now.
Higher projection 2). 4037 - will negate on multiple consecutive Daily closes below ~ 3677 now.
Note: Since 1987, every major Macro top and bottom has occurred in March or October. The only January MACRO high that occurred from '87 was that of the January '2000 high in the Dow Jones Industrials - the S&P 500 peaked in March while the Dow registered a lower secondary high.
I suspect we could see a high registered this month but given the lack of the clear negative Divergences now on the Longer Term Modified MACD on the Monthly chart, I suspect that the final high could be registered in March with clear negative divergences forming by then on the Longer Term Momentum measures.
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