2200 is coming?# Stock
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The S&P is range bound and the fact that it keeps failing at or near all-
time highs is a bad sign for bulls. Is that all there is for this bull
market?
Not so fast. Jonathan Krinsky, chief market technician at MKM Partners has
identified patterns that suggest the price action in the S&P (^GSPC) is
actually quite positive.
Krinsky said that although it’s true the market is struggling at its highs,
the S&P is also failing to break below its lows. “We’re truly range bound
and when that happens (technical analysis) sides with the primary trend,”
said Krinsky. And that primary trend is higher.
Also Krinksy noted that, historically, the more times the S&P tests upside
resistance the more likely it is to break out. And so far, the S&P 500 has
tested resistance about 5 times.
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In addition, “We still have a rising 200-day moving average. It’s sitting
around 2030,” Krinskly said. “With the exception of last October during
the Ebola scare, the S&P hasn’t breached the 200-day in 3 years .
On top of all that, Krinsky said patterns in the SPDR S&P Bank ETF (KBE)
look as if the sector is about to rally after moving sideways for about two
years. “If the S&P has been able to make this incredible rise with the
financials moving sideways, a breakout to the upside in this sector could be
the catalyst that drives the next leg.
All told, Krinsky says the technicals make it hard for him to feel bearish.
“We think the S&P takes out 2120 and trades up to 2200.”
time highs is a bad sign for bulls. Is that all there is for this bull
market?
Not so fast. Jonathan Krinsky, chief market technician at MKM Partners has
identified patterns that suggest the price action in the S&P (^GSPC) is
actually quite positive.
Krinsky said that although it’s true the market is struggling at its highs,
the S&P is also failing to break below its lows. “We’re truly range bound
and when that happens (technical analysis) sides with the primary trend,”
said Krinsky. And that primary trend is higher.
Also Krinksy noted that, historically, the more times the S&P tests upside
resistance the more likely it is to break out. And so far, the S&P 500 has
tested resistance about 5 times.
Get the Latest Market Data and News with the Yahoo Finance App
In addition, “We still have a rising 200-day moving average. It’s sitting
around 2030,” Krinskly said. “With the exception of last October during
the Ebola scare, the S&P hasn’t breached the 200-day in 3 years .
On top of all that, Krinsky said patterns in the SPDR S&P Bank ETF (KBE)
look as if the sector is about to rally after moving sideways for about two
years. “If the S&P has been able to make this incredible rise with the
financials moving sideways, a breakout to the upside in this sector could be
the catalyst that drives the next leg.
All told, Krinsky says the technicals make it hard for him to feel bearish.
“We think the S&P takes out 2120 and trades up to 2200.”