S&P tried to break the 2110 level in the last 1.5 year 12 times. And the 13th time it broke out.
I've warned you don't try to short the stock markets because it's not going to end well for the shorts.
All of you who is short in the stock market will get one more chance during the next 2 weeks to close the position and go to the sidelines or go long in the stock markets.
This is true for the Nasdaq, the Dow, the Dax . S&P is leading the system so I'm following this one mainly.
The S&P this year will be running up to 2350-2400 or maybe more
The market is usually giving one more chance for those who are missing these kind of big breakouts. You will get one more chance to get out of your short position at 2110-2120. This is almost the hardest thing in this business. To realize that you are wrong. To close the wrong position. There is only one more harder thing: to make your bets on the opposite direction. In this case it would mean to close your shorts and go long immediately.
The question is : will you be able to do this and get closer to become a pro or you hold your shorts get stopped out in the fall and watch this rally from the sidelines flat broke.
So I'm waiting for the testback of the breakout next week. I don't suggest to short it because we might not get this testback.
All we will get is the tag of 10 EMA at 2145$.
60min chart, falling wedge, but seems almost finished correcting now;
1) If funds were buying it, cash level would be lower. However, July cash level are now at 5.8%, up from 5.7% in June and the highest since Nov’01
2) Investor buying of protection against sharp decline in stock market at record high, something which would not be happening if the market was "normal"
3) This rally is volumeless! The breakout should have been on high volume!
Check out http://www.zerohedge.com/news/2016-07-19/bofa-finds-something-odd-sp-record-highs-traders-have-never-been-more-nervous