Technical analysis from the veteran chartist Ralph Vince indicates the stock market should be able to keep trending higher in the near term, CNBC’s Jim Cramer said Tuesday.
“The charts, as interpreted by … Ralph Vince, suggest that this market can keep drifting higher for the next few months as long as employment stays strong,” the “Mad Money” host said before cautioning: “Please don’t get too complacent as there are signs that not all is well as we go into the final third of the year.”
One reason for Vince’s current outlook is his model focused on continuing unemployment claims, which are part of the Labor Department’s weekly jobs reports. Cramer said the technician looks at that piece of jobs data for insights into the health of the economy and, by extension, whether it makes sense to be invested in the S&P 500. Strong labor markets are correlated with ascending stock markets,…
