11:33 AM CT 11/28/18
Bullish next 2 to 4 weeks; Long-term bull market may be intact
Level 1 or Level 2 biz cycle bottom likely placed this month as a successful test of last month’s low.
Risk point for bulls in SPX is 2650 to 2603.
Trade to SPX 2750 would generate objectives > 2800.
Still lingering risks of decelerating global and US economies. What of Brexit. The Fed warned in AM hours of risk of high price stocks and global events could increase volatility. At midday, Fed chairman Powell said strong Econ persists, rates near neutral. This caused strong buying in stocks during the next few minutes. Investors thinking Oct correction over and that there may be fewer Fed rate hikes in 2019. Fed to be watching economy closer -data dependent. May lead to flexibility to help support Econ for a while longer. PR still sees a recession sometime 2019-2021, but there is a chance the bull market continues near-term.