Market Direction Mid Week Update

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The stock market continues to move higher with some conviction. The recent ALERT may be short-lived. Sometimes the market does whipsaw investors on market direction. When you see this type of action it is necessary to move with the trend. Don't get locked in on one alert if signals indicate that direction is not correct. The current alert is performing as though the direction may change, continue to check the website in case does.

U.S. stocks appear to be in rally mode. Most professional don’t have a lot of faith in the recent two-day surge for equities. Most professionals needs to see a truly breakout level for the S&P 500 to get excited about this market.

 “The market has been going sideways for 18 months, and when it breaks, either up or down, it should be a large move. So let the market prove itself. If it breaks to the upside, which I define as accelerating above 2,200, it is a good, low-risk, ‘go with’ buy,” he said.

One the professionals is saying the S&P 500 not only needs to set a fresh record, but it also needs to trade more than 3% above its highest closing level. As of Wednesday, the index is 1.9% off its record close.

It seems the stocks’ advances aren’t based on any shift in market fundamentals. The economy is out of the woods, even as data, including Tuesday’s report on the sale of new homes, showed improvement. April’s new-home sales soared 16.6%, representing the biggest monthly jump in 24 years.

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The all-time subscribe since our initial recommendation to go sign-up and subscribe this market. Here is how the markets have performed:  

Stock Market Direction Recommendation (?/?/?)
Dow Jones	sign-up and subscribe	?/?/?
Nasdaq	sign-up and subscribe	?/?/?
S&P 500	sign-up and subscribe	?/?/?

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