Posted Oct 25, 2013 by Martin Armstrong
The US Share Market has a turning point in November so we could get a temporary high with a retest of support followed by a breakout to new highs thereafter again. The Jan/Feb period is showing already and the debt ceiling issue will come up once again. Our computer is starting to show a bit more chaos in many markets forming for the first quarter of 2014.
We are still within the uptrend channels and this shows resistance at 16950 level with support at the 13748 area, A closing above 13700 for year-end will leave this index in a positive position for next year.
Today, a closing 15438 will keep the index positive but some resistance stands at 15679. A weekly closing above that should signal new highs into as late as the 2nd week of November.
Capital will have no choice but to flee to equities. The minimum target objectives remain 17000 and 21000 by 2015.