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Wednesday, February 7, 2024

S&P 500 Near Term High on February 9th or 12th | Allen Reminick

We've been expecting a near term high early February in the S&P 500 and we still are expecting that. Also, at the same time, the short term cycles are still bullish for a few more days until Friday or Monday the 9th or the 12th of February where we could make an even higher high before the market corrects. After Monday the 12th of next week, we're expecting the market to come down into the late part of February. That should be a noticeable correction.


However, even though the market is likely to correct, we're cautioning people: It is very dangerous to short this market. The corrections may not last very long, they may not be particularly deep and once they finish they're going to shoot back up. We expect new highs in March, and probably higher highs late April before any significant longer term correction occurs between May, June, and July.