Last day of March coming and end of March has statistically been weak. This also was a quite flat/weak week and I think we are consolidating before we rally higher to new all time highs.
April is usually a good month and I think we could have another good money in April coming up for stocks.
If we break above 1880 I think we go up to mid 1900s and below 1840 would spell trouble.
1. VIX is likely to trade lower and find a bottom around 12 level and stay down there for a while
2. NYSI suggest that we already saw some pullback this week , but mkts still more or less sideways which is usually bullish
3. AAII sentiment tells us that a lot has been bearish lately,, suggest a new rally coming…
4. Statistics for the coming weeks are bullish , so this also suggest that its more likely we rally some higher near term.
5. Gold is testing key support , Im very bullish gold/silver again here and am a buyer on pullback , think we rally higher into summer 2014.
Conclusion: All in all – as long SPX holds 1840 I think we are going to rally higher into mid 1900s in the next weeks ahead…. a break below 1840 and we would likely test 1800 level.
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