AFMC - S&P 500: Too Easy Week Starting 20th May (Technical Analysis)
2024-05-19 16:00:00 ET
Summary
- The S&P 500 is back in blue sky at new all-time highs.
- Next week's call looks easy - everything is bullish and the rally should continue.
- However, we should guard against complacency.
- A dip should hold 5264. But what if it doesn't?
As expected in last weekend's article , the S&P500 ( SPY ) broke to new highs and the 5264 previous peak was no big hurdle at all. Admittedly, a new all-time high was not expected on April 21st when I concluded the futures low of 4924 "has good odds of being a short-term bottom." At that point I only called a bounce back to 5108, but this target has been shifted higher as new technical signals developed. As John Maynard Keynes said, "When the facts change, I change my mind - what do you do, sir?” ...
S&P 500: Too Easy, Week Starting 20th May (Technical Analysis)