It bounced right off the target
| | | | | | | | | PROSPERITY PUB MARKET TALK
Did We Just See The Top?
It doesn’t seem to have registered on anyone’s radar yet, but it’s possible we have just seen the top of this market.
See, a pullback started in S&P during the last hour of yesterday’s trading…
It picked up steam in the after-hours session…
And it hasn’t stopped all day today.
Sounds bad, but when you zoom out on the rally we’ve had over the last 4 months it looks like a fairly normal little pullback:
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It’s not even the biggest pullback we’ve had in the last 4 months.
All told, the S&P is only down 1.7% from yesterday’s high of 5149.67.
So why are we making a bigger deal of this than the situation might warrant?
Well, for over a month, Jeffry Turnmire has been warning of the possibility of a top at the 5150 level.
And while yesterday’s price action technically retraced at 5149.67, we’d say he called that target nearly perfectly. (just 33¢ shy of his target)
The question remains: What next?
Well, no one has a crystal ball.
But as Jeffry’s warned us: be careful. Take your profits. Set your stops.
And if markets start pulling back in earnest, remember you heard it here first.
— The Prosperity Pub Team | | | | |
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| Tap into VIRTUALLY UNLIMITED trading opportunities…
Discover the 2-step process that helps isolate the very best setups… and helps you find the “sweet spot” for targeting what could be outsized gains!
Plus get the Top Two 72-Hour Profit Surge tickers for March!
Get all the details right here! | | | | |
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| SCOTT WELSH’S TICKER TALES
Boring Badger Breakout
We’ve said it before and we’ll say it again:
Big wins sometimes come from boring places.
Here’s an example.
Badger Meter (BMI) manufactures residential and commercial water meters.
Sorry, I almost fell asleep writing that.
And yet BMI has been on a tear since early February and its sector is one of the top 40 sectors in the world.
Here’s the chart:
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A break above $170.86 would be a new high and could lead to a very big move.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The charts above use weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45. | | | | |
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PROSPERITY PUB MARKET TALK
Did We Just See The Top?
It doesn’t seem to have registered on anyone’s radar yet, but it’s possible we have just seen the top of this market.
See, a pullback started in S&P during the last hour of yesterday’s trading…
It picked up steam in the after-hours session…
And it hasn’t stopped all day today.
Sounds bad, but when you zoom out on the rally we’ve had over the last 4 months it looks like a fairly normal little pullback:
It’s not even the biggest pullback we’ve had in the last 4 months.
All told, the S&P is only down 1.7% from yesterday’s high of 5149.67.
So why are we making a bigger deal of this than the situation might warrant?
Well, for over a month, Jeffry Turnmire has been warning of the possibility of a top at the 5150 level.
And while yesterday’s price action technically retraced at 5149.67, we’d say he called that target nearly perfectly. (just 33¢ shy of his target)
The question remains: What next?
Well, no one has a crystal ball.
But as Jeffry’s warned us: be careful. Take your profits. Set your stops.
And if markets start pulling back in earnest, remember you heard it here first.
— The Prosperity Pub Team
Tap into VIRTUALLY UNLIMITED trading opportunities…
Discover the 2-step process that helps isolate the very best setups… and helps you find the “sweet spot” for targeting what could be outsized gains!
Plus get the Top Two 72-Hour Profit Surge tickers for March!
Get all the details right here! SCOTT WELSH’S TICKER TALES
Boring Badger Breakout
We’ve said it before and we’ll say it again:
Big wins sometimes come from boring places.
Here’s an example.
Badger Meter (BMI) manufactures residential and commercial water meters.
Sorry, I almost fell asleep writing that.
And yet BMI has been on a tear since early February and its sector is one of the top 40 sectors in the world.
Here’s the chart:
A break above $170.86 would be a new high and could lead to a very big move.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The charts above use weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45. |
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