Commodity Trading & Trend Following

Is the SP 500 bear market rally ending?

Read an interesting post this am. Glenn Neely from the NEoWave Institute a well known Elliott Wave trader came out with a call that the S&P 500 is forming a major top in June, which will be followed by a large decline, eventually pushing the stock market to record lows for the decade. To quote his press releaseג€œTechnically speaking, according to NEoWave a correction began at last Octoberג€™s low; the March-June rally is the final leg of that correction,ג€ Neely explains. ג€œThe March-June rally is now ending, allowing the bear market to resume. During the next six months, the S&P will decline 50% or more, breaking well below 500!ג€ Currently, the S&P is hovering around 905. The fact is any good CTA or Trend follower does not make calls like this. Rather they react not predict. In the meantime the SP500 has weakened 3.76% last week and is close to taking out a weekly moving average I use for my trading. On 3.27.09 the SP closed above which was a positive… however at 886 this would be considered Bearish. Look where we are now on the SP 500. If we close on a weekly basis below this… watch out!

Time will tell..The key is not to predict but make money.
Have a plan. Know where your trade works and where it does not.

Futures and commodity trading involve substantial risk.People can and do lose money trading.