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Equity Indices Hit Key High Levels
Each of the S&P500, the Nasdaq, the Dow and the Russell have hit key technical highs in the last week or so. Whilst our medium to long term outlook remains up - we expect new all time highs in all four major US equity indices within the next 12 months - we believe the next move is down. A corrective move down (ie just shedding some recent excess) not an impulsive move down (investors dumping stocks and hoarding cash) for sure, but a move down nonetheless. We’ll see if this happens and if so how deep a selloff we get.
Remember, if you’d like full daily analysis of the indices (S&P500, Nasdaq-100), Dow Jones 30, Russell 2000) and associated futures (ES, NQ, YM, RTY) then check out our premium Cestrian Inner Circle service - you can learn all about it at this link or take a tour of the service by clicking here.
The charts below, for our Premium and Pro members, show you where we stand as of Tuesday’s close, and give you an idea of where a down move may terminate and reverse back up.