E Value Line Geometric Index Looking Bullish

The Value Line Geometric Index is my preferred U.S. broad stock market index. As can be seen in the daily chart below, the Index has risen through the 517 resistance level and if it can close convincingly above the 530 level, then I think it has a good chance to rise further up to at least the 570-580 level over the next weeks.

Housing stocks have recovered strongly as well. The second chart shows the S&P Homebuilders Select Industry Index rising strongly above the blue longer-term moving average line and the pink shorter-term moving average line is close to cross the former to the upside. I think next possible target for the Index is close to the 3.900 level, given the MAs cross.

 

Disclosure: The analysis provided here is usually part of the analysis the author uses when he is designing and managing his investment portfolios. 

Disclaimer: The analysis presented ...

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