S&P 500 (SPX) — Our trading, or near-term, target is 1,120, with the first zone of support at 1,020 to 1,070, and the 20-day moving average near the top of the support at 1,063.
The Relative Strength Index (RSI) is high at 66.45 and getting close to the very overvalued level of 70 we’ve discussed before.
At this level, investors should buy only stocks with excellent earnings and a high probability of future earnings gains. And a reliance on stocks with a long record of earnings gains and dividend increases will help raise the odds of success.
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