Twiggs is short term expecting S&P to test the 3030 level.
Looks like he has gone short term bullish on S&P, although he does says that ASX 200 has broken short term support.
Unfortunately no longer can access all his research.Approaching stall speed
By Colin Twiggs
August 17, 2019 1:00 a.m. EDT (3:00 p.m. AEST)First, please read the Disclaimer.
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Approaching stall speed
With 89.7% of companies having reported, S&P are projecting 4.4% earnings growth for June quarter 2019 compared to the second quarter in 2018. Even more interesting is their projection of 3.4% growth for the September quarter. With EPS growth boosted by a stock buyback yield of 3.5%, this warns that the economy is close to stall speed.
The daily chart for the S&P 500 shows support at 2830/2840, while a higher trough on 21-Day Money Flow indicates (secondary) buying pressure. I expect another test of resistance at 3030; breakout above resistance at 2940 would confirm.
The full article is available to Market Analysis subscribers.
"I can't tell you how it came to take me so many years to learn that instead of placing piking bets on what the next few quotations were going to be, my game was to anticipate what was going to happen in a big way."
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