McClellan Sees Stocks Rising Until February: Technical Analysis
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Investors should start buying stocks because indicators of momentum and breadth suggest the Standard & Poor’s 500 Index’s rally from an October low will last, said Tom McClellan, editor of the McClellan Market Report.
The benchmark for U.S. equities formed an outside day reversal on Oct. 18, when its intraday high and low exceeded those of the previous day. That pattern, along with charts including the McClellan advance-decline summation index, showed the rally that lifted the S&P 500 as much as 15 percent from its 2011 intraday low will extend until February, McClellan said in a telephone interview yesterday.