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Bullish Models Targeting 1375-1385 in SP500 by 1st Week of August Still Intact Despite Debt Ceiling Deadlock |
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By John Bougearel
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July 25, 2011
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Ever since last Monday's July 18 low showed a time and price correlation to the earnings season low of Monday Apr 18 2011, the idea has been to kick the SP500 up to 1375-1385 by the 1st week of August, coinciding with 1)the Aug ISM, 2) the debt ceiling and 3) Aug NFP.
Despite the debt ceiling deadlock over the weekend, nothing has changed to alter to detract from the models targeting 1375-1385 by the first week of August.
Overnight, a new point of control on the 100x4 paf chart surfaced at 1328. Only a print of 1327 puts the SP500 back on a slippery slope.
Tomorrow is CS-CC or the case-shiller and consumer confidence. Neither of those reports have hurt the SP500 in April, May or June. If anything, they helped the SP500.
 Click on image to enlarge!
For more from John Bougearel, visit Structural Logic |
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