Approaching a Level That Normally Holds in a Cyclical Bull Market
Just a heads up:
The low of day is 1212 as I write. Thus, the S&P is now approaching a level which, the vast majority of time should not be materially breached on a weekly close basis, when the S&P is in a cyclical bull market. This is the lower of the 20-month moving average and two standard deviations from the 200-day moving average...so about 1195.
Chart attached.
Personally, I'm still of the (perhaps now minority) opinion that the S&P 500 is still in a cyclical bull market - as I believe the weight of the evidence still favors this conclusion, at least on a technical / quantitative basis.
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