With expectations remaining low the stock market environment still retains its bullish bias. The Expectations Indicator has pushed to extreme lows over the past week, validating the markets extreme low expectations.
The stock market over the past month has gone through a rather organized consolidation. Based on the low expectation environment and Wall Streets value of the 200 day moving average, we could assume if the bullish rally is to continue the logical point for the market to make a reversal would be at or around this important value (15,470 on the Dow Jones Industrial Average).
The Market Expectation Letter will no longer be released monthly and only be updated when the Expectations Indicator changes or other potential important pivot points recognized by the author. To learn more about this new prospective on identifying likely changes in stock market direction, read The Art of Expectations by Lou Ebner.
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