You can’t make a move without hearing whispers of a sharp correction. But do those whisperers have any idea what they’re talking about?!
Despite attempts to claw higher it seems that the bulls just can’t get stocks to rally any further. But does that mean the market is looking to make a sharp correction or will it simply pause and wait for the next catalyst?
”We're at a crossroads," says Rob Stein, managing partner at the Chicago-based Astor Asset Management. "Economic data has improved slightly while the market has improved more than slightly. This means the data will need to catch up to the market, or the market may be ahead of itself and needs to correct.
So which is it? Are stocks about to correct or will we trade sideways for a while waiting for a positive catalyst?
Seems like a good time to consult the charts and who better to interpret patterns than technical analyst Greg Troccoli of Opalesque.
He tells the desk patterns in the charts of the S&P suggest that 1040 - 1090 is likely an area of huge resistance, however right now he’s bullish.
But don’t take our word for it. See Troccoli’s entire forecast. Watch the video now!