In my last update on the broad stock market last Monday I wrote:
"We are still in a reversal zone (it ends Tuesday) so the market could turn down from today's highs. But if the rally continues tomorrow, it will make a good case for March 23 being the start of a new medium-term cycle in all three indices, and that would be at least short-term bullish for this market."
Well, the market did rally into the end of the week, and it looks likely all three market indices (DOW, S&P 500. and NASDAQ) started new medium-term cycles with their lows of March 23. That means any corrections now will most likely not take out those lows, and we should be looking to buy any substantial dips. Good targets would be around 21,900 in the DOW and 2,500 in the S&P 500.
I will post a more extensive update on all markets tomorrow.
Still on the sidelines of all markets.