FxWirePro Call Review: Charged up S&P500 bulls bring 3000 area in play

In February, in an article, named, “FxWirePro: S&P500 likely to reach new record high if support at 2530 holds”, available at https://www.econotimes.com/FxWirePro-SP500-likely-to-reach-new-record-high-if-support-at-2530-holds-1166341 we suggested that while we have turned bearish on European stocks as they look wobbly, that is not that case for North American stocks. Unlike the European bourses, the American benchmarks have the support of recently passed tax cuts and reforms, as well as an accelerating economy. In that piece, we suggested that as long as the support around 2530 holds, S&P500 is likely to hit a new record high and reach 2920 area.

And, in a follow-up call review, https://www.econotimes.com/FxWirePro-Call-Review-SP500-target-revised-higher-to-3120-1170838 we extended the 2920 target to 3120 area, as long as the above-mentioned support holds.

So far, S&P 500 has not reached any new target area and it hasn’t broken below the 2530 support area. As the bears refused to back down we even revised our target from 3120 area to 2890 area in a subsequent review. However, our recent calculations suggest that the bulls are once again back in charge despite the fact that bearish pressure hasn’t ebbed. The recent strength of the bulls on better than expected earnings season and a strong U.S. economy makes all our targets including 3120 area back in play. But we expect strong selling force around 2950 area.