New "Short Term Review"

A coming correction has the potential to be a Fibonacci retrace of the entire post-March pattern. However, the combination of “good” or confirming overbought conditions (much like early 2004), the bullish nine-month cycle, sentiment surveys continuing to show more bears than bulls, and long term momentum positioned to remain constructive into the second quarter of next year suggests that, while the post-March “bull market” is really a bear market rally, a second bear market to new lows appears unlikely at this time.

The above is the Plain English Summary for the S&P 500 contained in the Short Term Review that we began distributing earlier today. If you do not receive a copy please e-mail wmgallc@gmail.com to request a copy.

S&P 500 Hourly (Still Watching That Wedge)