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Trend still bullish- Expecting upcoming push up to SPX-4250-4325 into 5/27-28

Friday’s reversal isn’t too meaningful and generally the SPX breakout should extend higher into next week into 5/27-28.  This is a time where Elliott-wave, DeMark, and two different cycles come together to show a high likelihood of a turn, which I expect could be a high.

SPX likely rallies into next week up to 4250 and higher to 4275-4325 which will be a time where Technology might finally stall out after its recent surge.

While Friday’s minor stalling out in Technology is interesting, it’s still a bit early for Tech to peak out, and relative ratios of SPY/QQQ still show it early to favor fading the $QQQ bounce in favor of SPY.

Energy has made some progress Friday and along with Healthcare, should be favored for gains into late next week.  As I’ll discuss in this report, $XOP and $OIH are both better than $XLE in the short run.

Overall, I suspect that SPX eclipsing 4200 will make many investors throw in the towel on shorts and sentiment might start to lift at a time when this would prove not ideal for initiating new longs.  While 4200 certainly is a minor level of importance, the increasing amount of divergences and sub-par ...

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