| | | Bernie Shaeffer Chart of the Week--
myaccount.schaeffersresearch.com
A little something for everyone, bulls and bears alike; Bernie is hemming and hawing, just like the market over the past year.
excerpt:
"Lazy" S&P Looks Vulnerable
We have two charts with which to delight you this week, but I have to immediately describe our Chart 1 -- which contains the past 12 months of daily S&P 500 Index (SPX) price "action" -- as less than a delight for bull and bear alike.
This 12-month period can basically be described as consisting of two parts:
- A rally that, after failing on multiple occasions at 2,000, morphed into a "not quite 10%" plunge, which immediately morphed into a rally back to 2,000 (and beyond -- almost to 2,100)
- Backing and filling between 2,000 and 2,100, followed by backing and filling around 2,100
It is this most recent S&P action -- the 15-week romance with the 2,100 level -- that garners the lion's share of credit for the subtitle of this chart ("Draggin' the Line") -- also the title of an early '70s pop tune that, according to Wikipedia, was described by a reviewer as a "lazy psychedelic shuffle." And, come to think of it, "lazy psychedelic shuffle" would be a good description for the entire 12-month S&P chart --minus the "V" that mostly spanned the month of October 2014. And another description for the S&P action since November 2014 might be "a progressively decelerating upward spiral."
more at the link above |
|
