For Hopeful Bears, A Bull Market Target

Written by  Rick Ackerman, Rick’s Picks

I proffered rally targets as high as 230.08, or even 269.40 in my last tout, but we’ll lower the bar a bit just to be cautious. Mainly, it’s a case of the FAANG/lunatic stocks having difficulty making headway and providing no leadership for the broad averages recently.

The nearest significant Hidden Pivot resistance for this vehicle lies at 217.67, equivalent to a DOW rally of a little more than 300 points, and we should trade with a bullish bias until it is reached. There have been no ‘mechanical’ buy signals as yet, but we can respond to the opportunity intraday if this occurs. Stay tuned to the chat room if you care. The target is sufficiently clear and compelling that we should have no qualms about getting short there – tightly stopped – if and when it is reached.

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