TURNMIRE TRADING NEWS MINUTE
New S&P High? But Then...
On yesterday’s Morning Monster, Jeffry analyzed the S&P 500 E-mini Futures to peek at where the S&P might be headed.
His short term view? The S&P could be headed for a new high. But don’t celebrate too much yet.
The new high may not be much higher than the recent all-time-high hit less than 2 weeks ago.
But more importantly, he cautioned that the 2+% drop we saw this past Thursday shows an appetite for quick selling.
And he tells us that could point to danger: “One of these is going to be the last one. We’re going to get a big down that we don’t come back from for a while. Could be 10 years or 20 years.”
Now, if you’ve been reading these pages, you’ll know that this is something Jeffry has said before.
His chart analysis shows that on a large timeframe, the market is due for a massive drop.
But don’t worry just yet. Jeffry tells us that this isn’t something that’s going to happen right away — and there’s no action to take, except for booking your profits while things are good.
He points to the fact that after this potential next slightly higher high, the market could churn sideways for an extended period of time — possibly 1-2 years.
After that, the S&P could be headed for territory it hasn’t seen in over a decade. Possibly all the way down to the 1500 level.
This full move would take us out to beyond 2030, so it’s not exactly a “flash crash” situation.
Below is the chart he shared with his prediction of where he sees things headed.
There’s one caveat:
Jeffry always tells us that timeframes are the hardest things to measure.
So while the levels are something he’s fairly certain on, the timeline will shrink or expand according to the market’s whims.
Get the full details on yesterday’s Morning Monster starting at the 7:10 mark.
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