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Markets in a Genuine Rally?

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  • Description

    Tejas Securities Chief Technical Analyst Jeffrey Weiss on the outlook for markets.

  • Duration 5:12
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And markets the S&P 500 continues to test the support level and June 250.

My next guest says look the popular mid November is making in fill a bit -- bullish for the year tip from.

-- -- They have -- securities group chief technical analyst joins me out of Fox Business exclusive and Jeffrey thank you so much for being here you'll bullish.

There's a lot of headwinds out there tell me -- reasoning.

You know that there are -- but there's an old market adage follow referral outlook of that and then I go back in this business that the market likes to climb a wall worry Fiat and what we still would -- November.

Especially on the sixteenth and nineteenth without getting too technical we -- Philippines like.

Outside days and upside gaps in mid November back to meet with the potentially key reversal and we all so.

So what some what similar action around the Thanksgiving period in 2011.

Prior to a respectable rally so I believe that this is at rallies genuine but we and she'll see from the -- we're going to need to hold on a monthly closing basis -- the 14100.

Plus region and I'll show you why have we can.

You don't know.

Why's that so okay where -- -- charge me charts are coming like -- they -- like magic well if we take a look.

At that horizontal on my next job by the way for -- whoever drew it.

On you'll notice that that line.

-- response to -- peaks and troughs on a monthly closing bases.

And I might get a monthly closing basis is something in this data day for medically.

Volatile market world with traders glued to their screen -- that people don't look at enough.

And by taking an aerial view of the market whose sometimes accrual for potential clues in this case.

I believe as long as we remain above this 14100 area on a monthly closing basis we -- building a potentially.

Attractive investment -- for the market capable.

Of launching a better rally then I believe the bears think is possible destruction.

But isn't pretty a 114%.

Since the bottom in March 2009 that's right 666 intraday death -- It's devilish is that now is that a little long in the tooth though as far as the rally in -- well.

It -- site visit if if its long in the tooth I still don't see any -- -- should stay on I know of Iraq on the horizon and if I I might -- it's -- on initial support for the Chesapeake.

Above 14100.

On a weekly close secondary support is a little closer to the thirteen 67 the area okay what if we take a look at things like Brett.

If we take a look at things like a momentum indices -- if we take a look at other technical.

Mean indicators I believe overall.

As I said this week -- in my piece.

The bullish resume is better than the bears resonate and -- of course there's going to be headwinds are fiscal cliff -- -- just -- about that but there's always something -- ways but.

You know look we've got volatility which is always not a friend that the market for the most part you can make money on -- but certainly.

US other major economies they just can't seem to grow right now less sure there's always the Euro crisis which has been.

Pushed to the side because of our fiscal cliff but that's very likely to flare again next year.

-- they what often happens -- actually in the stock market and this is what you see good news in a primary bear market in in yeah in more recent moves that are primary bull market what happens in the market is or think it'd disconnect with what's happening in reality and that's why it's hard for.

I think of many market participants to stay aboard a bull.

For a whole -- moto art.

And it's hit exit of bare -- on the way act -- always seems there's just -- hope to keep it well -- looking at the market the beauty is as a technician.

We're not looking to what people are saying or -- -- Whining about sloppy it what -- doing with their money and to me structure.

Speaks allowed -- in the market and that structure is actually built.

By the money -- as a technician that's all we're -- what they're looking.

Well look there's a lot of money still on the sidelines I think there's a belief from.

Investors that look I've missed out on it I -- -- I missed out you would disagree.

I would disagree because just -- -- -- bull or bear has traveled a substantial northerly distance is no reason in my opinion in and of itself the Dow the markets future potential.

So rather than looking back -- you have to do was looking now.

Where -- my risk parameters right having -- -- 7374.

But all the women I left I was turned on at a very young age of the potential -- -- outside of the market and I realizes only -- guarantees hard work and losses.

But if you could.

Construct a risk profile that you feel comfortable with it stops cuts from becoming hemorrhage -- -- finance -- expectations.

And you look at the market overall.

I think is might mine meant for many years -- Newton's into used to say.

There is still potential unfinished.

Northerly grueling business know that visit -- -- -- -- monthly close on the 14100 I would -- get a little queasy.

Great stuff so much information that Jeffrey -- they have securities group chief technical analyst thank you so -- sounds to -- -- -- yet I -- At best you get a price for that thanks very much -- the closing bell.

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