The Standard & Poor’s 500 Index (SPX) is likely to extend gains should it advance 2.4 percent to its Oct. 27 closing level and then close higher on three or four straight days, according to Tom DeMark, the creator of indicators to show turning points in securities. The benchmark gauge for U.S. equities closed at 1,284.59 on Oct. 27 and advanced 0.8 percent to 1,254 today. DeMark of DeMark Analytics predicted on Dec. 5 that the S&P 500 would advance to between 1,330 and 1,345 this month before the rally reverses. The latest forecast will expire by the end of the first week of January if it doesn’t come true, DeMark Analytics’s Roderick E. Bentley said in an e-mail.
“Mad Money” host Jim Cramer takes a look at technical analysis from longtime analyst Tom DeMark.