Is the Stock Market Ready to Roll?
Friday’s strong showing at our earliest time window for a bottom was a first positive sign. Cash S & P has early resistance at 3920-25 and 3940-5 and then could have a deep pullback to cash 3840 later in the week. Many ETFs we follow would look better if they have more significant secondary lows like XLE for energy stocks down to at least 8100 and XLU for utilities down to 66-67 and XLV for Health Care down to 127.50. We may not get it. Gold is also about to bump against major resistance and is rather overbought now even if larger cycle highs are not due until the first week of March. These markets continue to be quite volatile so stay in touch with our major daily research by subscribing to the Fortucast Financial Timer or the Fortucast ETF timer. One month trial for 97.00. Click here.
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-Barry
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