by Avi Gilburt
For those of you that follow me closely, you would know that I announced my desire for the market to strike the 2200SPX region back in late 2017. That was my ideal target to be struck before the market began a rally which I expected would exceed the 4000SPX region. I again reiterated this potential in early January of 2020:
“if the market is unable to maintain that support (3100SPX) within this pullback, it will again raise the probabilities of seeing the 2200SPX region before we see the 4000 region.
For now, the market has drawn its lines in the sand, and is providing us rather clear guideposts for 2020. As I said last year, the action in the first quarter of 2020 will set the tone for the rest of the year.” (January 26, 2020)
When we were down below 2400SPX this past March, I reiterated many times that I still maintain an expectation that the market was going to rally to 4000 and potentially even exceed it: