U.S. Equities: Room to Run

Record highs in SPX have corroborated the July breakout, turning the Autumn correction into a normal retest of the breakout zone.

A Head & Shoulders continuation pattern – of cyclical scale – projects to 2440 or higher.  Not too late to buy the inevitable dips.

Chart 1. “Measured move” suggests 10% upside

Chart 2. Breakaway momentum suggests 10% upside

Chart 3. The trend is your friend

 

By | 2016-12-15T09:03:19+00:00 December 7th, 2016|Categories: Market Strategy Report|0 Comments

About the Author:

Mark Ungewitter is a Senior Vice President & Investment Officer at Charter Trust Company. He was formerly Director of Portfolio Management at Investors Bank and Trust in Boston, Massachusetts. He holds an M.S. from Bentley University and a B.S. from Massachusetts College of Liberal Arts. He is a member of the American Association of Professional Technical Analysts.

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