SP500 bull market – key price support

SP500 bull market- key price support on a bull run that just won’t correct.

Looking at the S&P500 futures market you would think this bull run will never stop. Even the big institutional shorts that were on from when Trump was elected have bailed and on the buying band wagon. I can understand the enthusiasm from the financial sector and their sky high stock prices as the “drain the swamp” policies are gone and the “make a bigger swamp” reality is coming about with Goldman Sachs written all over the administration.

But let’s get back to the SP500 bull markets key price levels.  2360 is the high on the futures market with support at 2340.  If we can make the next move to 2385 we might hit the magical 2400 mark.  Since November that will give us a 320 point run with relatively no pull back.

2300 on the S&P500 Bull market was quite a liver to break through and buyers made it on a single push through and came to this next consolidation range from 2328 to 2360.  It looks like we have made 3 new extended ranges or starting the second extension range from 2277.

We shall see.

What is the next correction for the SP500 Bull market run?

We are looking at a 10% correction to 2124. Which would be 40 points under the 200MA and would consider a move under 2000 to be a signal for an overall turn on the bull cycle.  Remember Trump’s reforms have to be passed in congress and need approval.  This could take a year and the Fed doesn’t seem like a friend to Trump and could be setting him up to move this economy into a recession.

We are still in a buy until it turns mode.  The change in direction for this market could be very fast, and you have no experience in managing your risk, then do not trade.  You can loose more than the value of your account in this market, especially if you are using leverage.

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