Four blips from market strategist Richard Suttmeier’s radar screen presented in four minutes or less…

April 20, 2009 (FinancialWire) — An apparent bolstering of consumer confidence, seen by a consensus of experts as attributable to General Electric’s (NYSE: GE) and Citigroup’s (NYSE: C) quarterly results, served to cap the S&P 500’s (^SPC) (SNP: ^GSPC) longest weekly winning streak since 2007 on Friday.

Richard Suttmeier’s recent “Four-in-Four” video webcast explains why a 29.7% S&P 500 rally since March 6th is a bear market correction. According to Suttmeier: “The oversold condition shown on the monthly chart for the S&P 500 continues despite the strong rally. If the oversold condition continues into May, and my upside targets of 910.8 to 967.1 are achieved, then the next leg to the Multi-year Bear Market will likely see a lower low below the March 6 low of 666.92.

“A second scenario would call for a prolonged and wide trading range, but not a new Bull Market. The March 6 low was such an important level technically that it could become entrenched as support longer than I had expected. The 666.92 level is on the up trend connecting the lows of the 1980’s including the “Crash of 1987″, and is the 61.8% Fibonacci Retracement of the entire rally from 1982 into October 2007.

“It is hard to define an ultimate downside given a monthly close below the devilish 666…” The entire Suttmeier Four-in-Four webcast, presented by ValuEngine, is currently hosted at ForexTV (http://www.forextv.com/Forex/Video/Video.jsp?channel=276,1241).

About Richard Suttmeier

Chief market strategist for ValuEngine (http://www.valuengine.com) and founder of RightSide Advisors (http://www.rightsideadvisors.com), Richard Suttmeier is an expert in sector evaluations who has developed a specialized method of evaluating the finance sector through a detailed analysis of the FDIC Quarterly Banking Profile. Suttmeier presents regular broadcasts about the most recent and relevant financial issues.

Source: presented by ValuEngine (http://www.valuengine.com), via ForexTV (http://www.forextv.com).

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