Archive Category: Precision Profits (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.

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