Saturday, February 4, 2023

SPX 5000 Sometime This Year?

SGS Market Timer Status:  LONG 
LONG as of the close of Friday January 6, 2023 
Previous SGS Status

SGS is a Long-Term (weeks to months) Timer
SGS Performance Data (New)
Why Market Timing Is A Must


With full employment and a strong economy, there is a good chance that we see SPX at 5000 or higher sometime this year.


SGS Market Timer

As of the close of last Friday (2/3), the value of SGS was calculated to be +267.  The status of SGS remains LONG.


S&P 500 Support And Resistance Levels

Support and resistance levels for SPX for this week are shown above.  SPX is above its PDL-1 and 50 W-SMA.  There is an excellent chance that sometime next week we see SPX trading above its 50% and 61.8% Fib. retracement of its decline from 4818 to 3491.


My Plan

Per my plan I opened new positions in SSO and XLY last Thursday.  I'm planning to open new long positions once there is a weekly close for SPX above its 61.8 Fib retracement (SPX 4320).


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SPX: S&P 500 Index    SMA: Simple Moving Average
DJI: Dow Jones Industrial Index    EMA: Exponential Moving Average
DJT: Dow Jones Transportation Index    PDL: Primary Downtrend Line
NAZ: NASDAQ Composite Index    PUL: Primary Uptrend Line
RUT: Russell 2000 Index    ASL: Active Support Line
OEX: S&P 100 Index    ARL: Active Resistance Line
NDX: NASDAQ 100 Index    DTL: Dynamic Trend Line   
TUL: Tentative Uptrend Line   TDL: Tentative Downtrend Line
TLR: Trend Line Resistance   TLS: Trend Line Support

Disclaimer: The views expressed are provided for informational purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.            

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