Gotta love ZERO RISK in the SP500 = $$$
- Thread starter makloda
- Start date
I have to say I'm not very impressed with the weak volume from this weeks buying.
Lots of overhead supply above too...will be interesting to see what happens if we get back up there.
Longs are lucky in today's market....sooooo far!!!!
US 10-year yield jumps to new 4-year high after hot inflation report
US 10-year yield jumps to new 4-year high after hot inflation report
- The yield on the 10-year Treasury note jumped to a four-year high of 2.904 percent, just two days after notching a similar record at 2.902 percent.
- The Consumer Price Index (CPI) rose 0.5 percent last month against projections of a 0.3 percent increase.
- "I think inflation's back, at least in a moderate sense," said Kathy Jones, chief fixed income strategist for the Schwab Center for Financial Research.
Perfect chart to show you those who bought on that Friday dip are most likely out and that more people are anticipating a drop into the next few weeks.....rally will stall soon.....no way is this market climbing 2000 points to new highs in the next month....the wipe out from the last two weeks is keeping everyone at edge....tens of billions of dollars was pushed out of the spy etf last week...will take a while to get those weak hands back in.
I'm looking for a new high by March. There are no divergences in the weekly chart or monthly. Every market top has been market with a negative divergence.
I'm looking for that higher high and will see what happens then. The GOP is in control. They are not going to let the market collapse before the election.....just isn't gonna happen.
I may be wrong...time will tell.
To be fair, they don't control the stock market. They can talk it up, but can't control it. If they could control it, they would have never let it drop fast like that from all time highs and exposing, not shockingly, hypocrisy among those who only talk about it when it goes up but silent on the way down.
But I do agree with your sentiment. I think this goes higher. At least this week I think its possible it might try to test/reach the 50 DMA to repair the chart damage. If it breaches the 50 DMA next week, then I think ATH very soon as the chart is not broken anymore at that point and becomes technically bullish. Going at the rate it is, could even happen within one week, so 2720 -> 2900+ for parabolic BOT. Or just hug top trendline of channel up for slow grind.
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