I could not be more thrilled that it’s the end of the month for one reason alone: Monthly Candlestick Charts. They get me every time!
It’s easy to get lost in the every day noise surrounding the market. The chart review I do heading into the first of every month is one of the most important parts of my process. It brings me home. There’s no better way I know to maintain composure and recognize trends than this monthly music and chart session!
Since June of 2017 when the S&P500 broke out above 2400, we’ve had a target of 3000. After close to a 4% rally in the S&P500 Index this month, we went out just 6 points from a new all-time high monthly close. This is not any evidence we think suggests anything has changed. To the contrary, higher prices are things we expect to see in an uptrend.