A major uptrend will have to wait

Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

The bull market remains in good shape, but the S&P 500 needs a strong and sustained move above 2,400 to resume the major uptrend.

Given the continuing near-term possibility of a decline downward from the trading range, stops should be set to align with risk tolerance. The bottom line is that Leg 5 still has considerable upside potential, and any corrective period will be followed by more new all-time highs.

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