I think we have reached an intermediate top at the end of April. But who knows? Many things can happen. We will have to wait a few days to see how the rebound unfolds. I think a rebound to 1180 is quite possible. Between 1180 to 1200 on the S&P, there will be a lot of resistance, so to go through it will be difficult.
Now it could be, and this is not what I believe, but it could be, that the markets make a marginally new high, like if you look at the lows, between October 2008 and March 2009, the orthodox low, when the market had the most new lows for the year was in October 2008. The March 2009 low was lower on the S&P 500 but the number of new lows had diminished. So the peak in new highs is likely to have been at the end of April.
in Bloomberg
Related stocks and ETF`s: SPDR S&P 500 ETF (Public, NYSE:SPY), ProShares UltraShort S&P500 (ETF) (Public, NYSE:SDS)
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
