The S&P 500 Index closed @ 1293. We are in a selling zone. Is it possible that the market could print a higher number on Tuesday? Yes. Maybe, 1297. What about 1300? My point is that we are in a selling zone right now. Now is an outstanding time to sell, not to buy. I would not be a buyer until the S&P 500 Index returns to the 1172 area. That is my position tonight. I also think that May and June will present a better buy opportunity for the year than January.
Next week should be a down week. When I say a down week, I mean that the week should open at a higher price than the closing price for the week next Friday. If I am wrong, then I am wrong. We will see. Keep an eye on the opening price on Tuesday and the closing price next Friday. The trend will have changed when the closing price falls below 1281, today's low.
Have a good weekend!
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