Many bullish indicators in the market right now.
-Bullish Shark pattern
-Hidden bullish divergence on the MACD
-MACD cross over
-histogram is ticking positive and higher
-strong break out of falling bullish wedge
-After breakout higher lows and higher highs
-Green candles through 61.8 fib and reaching 78.6 on first bounce
-nice break through the 50 day moving average
-200 day moving average still in upwards trend and we are maintaining above it
There was a big increase of the S&P average earnings last quarter, over 10% in Q4 over Q3 in 2017. We have just entered Q1 2018 earnings season and now the tax cuts will be taking effect. 192 companies are releasing earnings next week, in additional to all the stock buy backs already announced. S&P will likely hit close to 3100 by the end of the year.
At the end of the day I think the fundamental's of the companies will drive the market, while there are overvalued companies there are also a lot of undervalued companies. Markets just getting rid of the junk right now and finding the quality.
-Bullish Shark pattern
-Hidden bullish divergence on the MACD
-MACD cross over
-histogram is ticking positive and higher
-strong break out of falling bullish wedge
-After breakout higher lows and higher highs
-Green candles through 61.8 fib and reaching 78.6 on first bounce
-nice break through the 50 day moving average
-200 day moving average still in upwards trend and we are maintaining above it
There was a big increase of the S&P average earnings last quarter, over 10% in Q4 over Q3 in 2017. We have just entered Q1 2018 earnings season and now the tax cuts will be taking effect. 192 companies are releasing earnings next week, in additional to all the stock buy backs already announced. S&P will likely hit close to 3100 by the end of the year.
At the end of the day I think the fundamental's of the companies will drive the market, while there are overvalued companies there are also a lot of undervalued companies. Markets just getting rid of the junk right now and finding the quality.