Tuesday, December 05, 2006
S&P Bull Market Boxes
Here is a weekly bar shart of the cash S&P 500 index showing the entire bull market thus far. This bull market started from a low at 768 in October 2002. I last commented on this chart here.
As you can see the market has reached the 1/2 point of the fourth box. For the past six months this has been my target for the end of the bull market. But as I have remarked in this post and in this one I still do not see any convincing sign that the move up from the June-July lows is complete. So my box theory says that the next stopping point for the index will be the top of the current box near 1511. I think we shall see this level sometime during the first quarter of 2007.