Could it take another 900-2,500 point leg up? Sure.
Is it possible that this is the top end of this bounce?
It's really starting to look like it.
The real issue here is the markets are so far detached from a free market right now it's impossible to say where we go from here.
So despite the trend having stalled out and flat lining ~3% below where I expected us to hit, before capitulation sets in, I'm going to stick to my guns that this range is the top.
If I had any active positions (which I haven't since March 4th) I'd derisk the majority of my securities holdings.
Obivously, I'm not a financial advisor, the call is yours to make.
I have a history of making equally as many brilliant calls as I make horribly bad calls.
When I'm right I'm the most right, and when I'm wrong I couldn't be more wrong.
So the question everyone reading this right now should be asking (myself included) is what does it mean when someone as highly opinionated as myself is uncertain about what's to come? Traditionally, during such times uncertainty indicates a forcast, but we're in unprecedented times and with the FED artificially inflating markets truly anything could happen.