
• Short term- Upside grind with divergences, as the market nears the 1200 parameter. Minimal dips.
Under-invested bulls?
Support band is 1170-1160
• Medium term- Conservative year-end target is 1200,
but 1220-1248 more-liberal projections are viable, as
macro momentum is strong. Should not break 1130 floor for months.
Targets 1300-1350 in 2011
• Sentiment/Breadth/Momentum- Sentiment stays a bit toasty. See “Barrons” cover. Breadth is narrowing at each new high. New Monthly momentum Buy in October. Signals have lasted about 6-8 months
Global Technical Analysis Research
J.P. Morgan Securities LLC
November 2, 2010
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