The market continued marching higher this past week as earnings season officially began. The market is moving higher as the major indices are now, once again, flirting with fresh all-time highs! The fact that this market refuses to fall is extremely bullish and is setting the stage for a climax run similar to what we saw back in 1929 and 1999. It’s still not clear if that is going to unfold that way or if the market will continue to grind higher. Stepping back, in the short-term the market is very extended and due to pullback. In the long-run, the bulls remain in clear control as long as the major indices continue trading above December 2018’s low. Looking forward, we are entering the heart of earnings season over the next few weeks and want to see how the market and individual stocks perform as they report earnings.
Stocks ended mixed to mostly lower on Monday as investors waited for earnings season to begin. Shares of Boeing
Thursday & Friday Action:
The market was relatively quiet on Thursday as investors waited for the big banks to start reporting earnings on Friday. Stocks rallied hard on Friday after JP Morgan
Market Outlook: Bullish Tailwind Continues
The market remains very strong after the Federal Reserve reversed its stance and moved back into the easy money camp. Near-term resistance is 2018’s high while near-term support is March 2019’s low, then the 200 and 50 DMA lines, and then 2018’s low. As always, keep your losses small and never argue with the tape.
Do You Know The Most Under-Valued Stocks In The Market?