S+P 500, shown here in 60 minute formation,
has been on a "melt up" move for the last 4 weeks,
after bottoming at important intermediate support at S+P 3070.
To realize a technical chart "climax", or exhaustion
the price move would need to extend itself up to all time highs, and then fall rapidly away.
That "pattern" showed itself ,for the first time today.
Also of note,the VIX rose 6 % today,
closing at 13.43, and confirmed a Weekly Bottom is now in place in" Volatility."
Bullish Momentum has been raging almost non stop,and is extremely strong.
It is almost impossible then, to expect the stock market to turn on a dime.
But do watch the last two trading days of the year next week.
Some reversal of fortune,may just decide to show its hand,right at the finish line.
SPX Last 3040.02
THE_UNWIND
12/27/19
MOUNTAINS/NEW YORK
has been on a "melt up" move for the last 4 weeks,
after bottoming at important intermediate support at S+P 3070.
To realize a technical chart "climax", or exhaustion
the price move would need to extend itself up to all time highs, and then fall rapidly away.
That "pattern" showed itself ,for the first time today.
Also of note,the VIX rose 6 % today,
closing at 13.43, and confirmed a Weekly Bottom is now in place in" Volatility."
Bullish Momentum has been raging almost non stop,and is extremely strong.
It is almost impossible then, to expect the stock market to turn on a dime.
But do watch the last two trading days of the year next week.
Some reversal of fortune,may just decide to show its hand,right at the finish line.
SPX Last 3040.02
THE_UNWIND
12/27/19
MOUNTAINS/NEW YORK