Now that S&P500 is near 1220 level, what should investors be expecting from the stock market? Back in Mid-October, I had posted “Follow S&P 500 Next Two Weeks” on Money Green Life as
a guest writer. I stated that S&P 500 will certainly reach as high as 1220 and there could be great opportunity for shorting the market.
If what we are currently experiencing is a repeat of past history, then the stock market could easily go through a sell off starting sometime next week. However, if this bullish market somehow continues above 1220 and bypass 1228 (this level represents 61.8% Fibonacci retracement), then we could potentially see 1400 and we could experience a true bull ride into 2011.
I predict that S&P 500 will fail to break 1228 level and thus start heading lower. Once the sell off occurs, then I expect S&P 500 to fall all the way to 1040 once again.
Next week will be pretty exciting as we will most likely find out which direction S&P 500 will be taking. I certainly hope to see a sell off so that we get another opportunity to take long positions for another ride up.
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