The tentative EminiForecaster forecast for the trading week ending October 22nd is now posted.  (click “Next Week”)

We expect the market to rise next week all week.

The market did decline earlier in the week as predicted, however the Gline was not followed as the week progressed.  Various news stories worked against us and putting  foreclosures on hold (after the worst month ever in September of 100,000 foreclosures), got the market rallying.

The bulls are in control and will likely push the market higher for another week. Much of our Gline data is relatively flat, so we do not anticipate particularly large ranges to the upside. Be cautious, as we have been saying for quite a while, of sudden news driven declines.

For tomorrow, we are probably seeing some selling earlier in the day (up through around 11AM Eastern), followed by buying.  We also see some potential selling in the afternoon hours with likely support and resistance at 1181 and 1168.

Wishing you the very best,

Rob, Vadim & Staff