DeMark Still Thinks S&P Tops at 1338-1342, With Perhaps An Intraday Spike to 1375
1/31/2012 07:48:00 PM
UPDATE: Tom DeMark told Bloomberg TV's Adam Johnson yesterday that the S&P will still top out between 1338 and 1342 (closing prices), with perhaps an intraday spike to 1375. DeMark said the long-term trend is "recycling". I blogged about DeMark's previous Bloomberg appearance here. The S&P 500 hit an intraday high of 1,333 last Wednesday, which is where the 2007 downtrend hits, but pulled back to 1,312 today. As noted on my previous post, there are still two more uptrend lines to break to confirm further downside ahead, in my opinion. DeMark created the DeMark Indicators, which traders use to measure market exhaustion. I've been following what DeMark's been saying in the media since January 2011, and he's been mostly right on his major market calls.