Yesterday was a great day for stocks, but we are not out of the woods yet.
It looks like we’re in an uptrend here. And this morning the market is in the red as it tests the lower trendline. If this holds, we should start the next leg up to 3,250 today or tomorrow. If it doesn’t hold, then selling will hit in a big way and we can expect a drop back down to 2,900.
Healthcare (IYH) stocks suggests we should continue higher.
IYH is leading the overall market higher, which suggests much of the last week’s collapse was due to fears of Bernie Sanders and his insane policies (Medicare for all for $50 TRILLION) as opposed to coronavirus.
Which means… a MONSTER rally in stocks, with a V-shaped recovery bringing the markets to new all time highs.
Indeed, the long-term chart for the S&P 500 tells us 3,600 or higher is coming this year alone.
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