Archive Category: Apex Alert (Market Intel)

We have a new broken record — the S&P 500 Index ended Friday with a new all-time high. New highs are often followed by additional new highs, which means we have bullish potential.

It’s starting to sound like a broken record as the S&P 500 Index is still just one good day below its all-time high. But this is important to keep in mind because new highs are bullish. Reaching a new high means prices surpassed the previous new high. Uptrends are generally built on a series of new highs.

For the past two weeks, I’ve noted that the S&P 500 Index was sitting just one good day below its all-time high. Without a new high, it’s time to consider another pattern that appears at important market junctures — and it tells us that there’s almost always a second chance to get out near the all-time high before a bear market starts.

The S&P 500 sits just one good day below its all-time high. The index could also reach a new high on a series of mediocre days. It wasn’t that long ago when CNBC would drop confetti for new all-time highs. Now, I don’t think that will happen, but a new high could boost the spirits of traders, especially when they’re already expecting a rally based on seasonals.

The Federal Reserve meets this week. In today’s Market Intel, I have a chart I’m certain Fed officials will be discussing.