A forecast update from Harry Dent Jr., of HS Dent Investments, suggests that we may have seen a short-term market top as of July 23, 2009. Depending on downward market movements from here, we may have seen a long-term top, but more than likely, it is just a short-term top. Dent has previously forecast a possible run-up to Dow 10,000 – 11,000 depending on market conditions that will play out over the next month or so.
It is possible we saw a top in the markets yesterday. The markets broke up above strong resistance at 958 – 960 on the S&P 500. However, they are too overbought to likely continue to move upwards.
—
If the markets break back down below the breakout point of 958 – 960 on the S&P 500, that would be the first sign of a further decline. A break below 945 or 8,800 on the Dow would raise the chances we have seen a short term and/or longer term top.
My comments:
We should see a strong move one way or the other next week. As discussed yesterday in Grab Your Profits in Asia, the short-term trend seems to be to the downside for now, as the US Treasury is preparing to sell $250 billion in Bills and Notes. It is likely that the money to fund these purchases will come from the broader financial markets.
It Took 22 Years to Get to This Point
The head of the Canadian province of Ontario, Doug Ford, has warned that it will retaliate against...
This article was originally published by Tyler Durden at ZeroHedge. Russia launched a massive...
This article was originally published by Willow Tohi at Natural News. The federal deficit has...
Commenting Policy:
Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.
This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.
Comments