I've decided to resurrect from the dead and post some analysis for people - I felt a little bad from all the PM's I received and felt I had to come back. :-)
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You may recall several weeks ago I noted that the market will remain bullish until (if) 2720 broke; hopefully some people listened to that advice as you would have made considerable gains. Of course, now, while that remains accurate today, that has to be adjusted slightly given how far we've come.
In the short-term, the market remains bullish. Many people seem to have difficulty deciphering between what the market "should do" and what the market "will do". That is, you must always remain unbiased when trading and investing, especially in a time of infinite stimulus, high-yield/muni bond buying and unlimited liquidity. Moreover, one must also rid themselves of somehow assuming the market must act "rationally".
We will continue to butcher our way through the current loading zone (white box), and test around the 200MA before pulling back into another loading zone (green box) for a few weeks before ultimately breaking towards the 78.6 Fib level.
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For those interested in following my analysis on a daily-basis across a multitude of categories, disciplines and stocks on my Discord channel, kindly send me a friend request on Discord @ zSplit#9971.
Great that you're back here - brilliant technical analysis and wise comments.
Cheers.
ak.michael.kim
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You back.. A nice analysis, I really appreciate it.
dipeshvshah
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Great to see you back!!
Dougbneal
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Welcome back. Yeah, the market wants to go up. It's not rational like you said, except that The Fed is essentially taking over markets. It might create the biggest bubble in history...to make 1999/2000 look tame.
Dougbneal
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@Dougbneal, hint, it is a presidential election year. And Mr. Trump considers the Dow and S&P 500 his "nielsen ratings."
Any update? The model looks like it needs to be revisited since price has continued up.
joeychaps1231
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update?
XYZ-Trader-
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You hit today's high (3020) right on the mark before it was rejected below 3000. It will be interesting to see if we fall down to around 2870 as you project before resuming back above 3000.
Asanato
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Very nice chart and descriptions! Check my schedule and key levels on SPY
Cheers.