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.

Important News

Dear Friends,

I have been writing the Trading Diary newsletter for almost 20 years. It has been a great success but times are changing. Advertisers have largely migrated to Google & social media and independent advertising through brokers has slowed to a trickle. We have therefore decided to change the format of the newsletter in line with these developments.

In future, market analysis will be provided by way of subscription through The Patient Investor. The format will remain the same, with regular updates focused on major markets — stocks, precious metals, commodities, interest rates and the economy — and increased coverage of sectors and industries.

While the change may seem sudden, the changes in advertising revenue have been evident for more than a year and I have been postponing the inevitable for some time.

Details of subscriptions are available at The Patient Investor and include a $1 subscription for the first month.

Thank you for your support.

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."

~ Jesse Livermore

Latest

• 
  ASX
  ASX 200 breaks support.
• 
  Gold
  Gold pauses after recent surge.
• Global economy
  Recession ahead.
• The long game
  Why the West is losing.
• 
  S&P 500
  Buybacks are hurting growth.
• 
  S&P 500
  Rate cuts and buybacks — the emperor's new clothes.
• 
  S&P 500
  A good time to be cautious.
• 
  PEmax
  Why you should be wary of Robert Shiller's CAPE
• 
  Portfolio
  Investing in a volatile market - April 2018

Disclaimer