SP 500: Monthly Close
May 29, 2008 10:10 PM
I had mentioned 1383 early this month a number of times and said it had significance long term. Well, the month ends tomorrow. If we close out the month weak and below 1383 I believe the market is in trouble. It already looks like June is going to be flat to down based on the long term charts. We need a strong day tomorrow to change my opinion of what “likely” will happen in June.
If you recall in march I warned early that “we have likely seen the highs for march, and long term charts suggest a very negative March”. Right on Target. We made new lows on the SP in March, but not the Dow. Regardless of what happens tomorrow, outside of a huge rally, June appears to be sideways, at best.
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[…] do not matter. I simply guess. Lucky again, obviously. On May 29th I said “June will be flat to negative” and we would have to rally here to change my view. It didn’t. The SP gave a mixed […]