Big picture outlook into June 2021. Everyone has their own trading style so we offer multiple outlooks – short, medium, and long term at the Forecast.
SPX December resistance is firm at 3,750-3,800.
NDX is holding its breakout above 12,000. Extreme upside December targets are 12,700-12,850.
Dow Jones extreme upside December resistance 30,750-31,000.
For those that have watched this past week’s trading, you have witnessed many red candlesticks as liquidation occurs. Mysteriously, these dips are bought back up very late in the day. Risk for a pullback into month end and early January is high. Covid raging across the country, no meaningful stimulus deal expected until late January, (bandaid $500 billion possible for late December), election chaos December 14th onward, escalation from an Iran conflict, and last but not least capital gains harvesting in December to avoid the Biden tax hike. Again, if your time horizon is 3-6 months much higher prices are coming, no need to panic.
The semiconductors will represent the best of the tech trade over the next 6 months.
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The Forecast
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