Today 7/25/17 the SPX and IXIC made all-time highs. Momentum remains insanely bearish. NYSE 52- week highs today was 221 vs. 778 made on 12/9/16 Nasdaq 52- week highs today vs. 562 made on 12/8/16.
Today only 3 of the 9 S&P 500 sector funds made new highs Intraday SPX patterns point to a potential top sometime around the FOMC announcement on 7/26/17.
If SPX turns down the extreme bearish momentum hints at SPX 2100 by late August 2017. If this decline occurs it could be the first wave down of a multi year bear market.
The last SPX- Mother of all turns was on 3/6/09. 7/26/17 could be the next Mother of All Turns!!!
Unlikely. The Banks will continue to support the market, until they get their mortgage bonds handed back to them. Then they will sell them quickly, to make their ten cents on the dollar. In a good market, the mortgage bonds are worth ten cents, in a bad market less than one penny. It will take 6-9 months to find new owners for these bonds.
mball
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I have something similar, but my catalyst is the Fed's/ECB unwinding their balance sheet. That will set the market top in Sept if they start it, hence, why this market has run as long as it did. If Trump gets the tax cuts, that may put in one last top, but trillions of dollars on those sheets will have an impact regardless and a market adjusting to this new force will require a correction.
When SPX will reach 2488 it will have doubled compared with the 2008 crash, top to bottom. Is that high enough for massive profit taking? ;)
dkurzhal
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Wow, 2100 this year? That'd be absolutely amazing, I'm generally bearish myself but that almost seem impossible. I say that, because that just goes to show how damn complacent this market is, so it could very well shoot way to the downside as everyone long become deer in headlights and are eventually forced to liquidate at low levels once they really the dip won't be bought. I think we get at least 2300, maybe 2200 on a stretch, if this 2100 does hit, markrivest will be known as stock market timing genius!