Saturday Review’s recording (for 12/10/16) … Entrenched.
This weekend’s Saturday Review described the setups that got the market to its current lofty position, dating back to last month’s election.
One important and obvious question we addressed is “what makes the rally extend any higher?” All upside requirements have been fulfilled up to 2247.25 and 2252.50, including newer requirements that are being satisfied almost as quickly as they’re created. But the trend still finds ways to entrench itself — like Friday’s new trend extreme close. That only helps to ensure that a pullback is recovered, perhaps to probe fresh highs within the room for noise.
But other than room up to 2256.50 or 2270.00, no higher objective is currently in-play. A pullback would allow new targets to be calculated. And a pullback has room down to the rally’s prior objective of 2215.00 or “lower prior highs” around 2205.00 without reversing the rally’s trend.
The following stock requests were reviewed in this order:
AMD, IBB, BIIB, GDX, GDXJ, AAPL, GS, BAC, NFLX, AMZN, PSDV, GWPH, CMG, FB