Liberal Forum

To date, the rally off the October 2023 low has provided very little retracement. In fact, when we began the pullback I outlined to expect a few weeks ago in my last published article, we had to adjust our view during that pullback to the potential that the market will not fulfill the complete pullback we expected.

As it was developing, I had to adjust my support to 4930SPX, which is basically where the market bottomed during that last pullback.Moreover, we had set our next resistance overhead to 5155SPX. And, as we are approaching it now, the market is providing us with another potential extension. So, the parameters for the coming week are as follows.

I am expecting a pullback in the coming week. If that pullback is corrective, and we do not break back below 5048SPX, we have a set-up which will then point us to the 5350SPX region next. And, moving through the 5155-5180resistance overhead points us to 5350-5390.

And, then we can move onto the next potential surprise. Once this next rally completes, and we then break back below 5048SPX, it will open the door to a potential decline that can be exceptionally rapid and violent in nature, which ultimately points us down to the 3500-3800SPX region later this year.

So, let’s take one step at a time. The 5048SPX level is support for the coming week, and if it holds, then it sets up a rally to the 5350+ region over the coming weeks, which can lead to a major market top. And, when the market sees a sustained break of the 5048SPX level, that will open the door to a major market decline in 2024.

In the bigger picture, I have outlined in prior articles the signals for which I will be closely watching to suggest that a long-term bear market is about to take hold.

Tempest62 » 07 Mar 2024, 11:57 am » wrote: ↑

07 Mar 2024, 11:57 am

Not a technician here but agreed. The fun is coming.

LowIQTrash » 06 Mar 2024, 11:40 pm » wrote: ↑

06 Mar 2024, 11:40 pm

^ newbie misses AAPL, NVDA, TSLA, Bitcoin, Cloud/SaaS software companies, and Commodities bull run...and now wants to start investing...in 2024

   

This guys going to be in for a nasty surprise...what say you @R. Suave

R.Suave » 07 Mar 2024, 2:09 pm » wrote: ↑

07 Mar 2024, 2:09 pm

Not enough of them to move the needle.