The markets had another banner day yesterday with $SPY moving up 2.95%. The tech heavy $QQQ did one better, rocketing up 4.35%. But now, per SentimentTrader.com, their "$SPY Optimism Index has reached 98, the highest level in almost a decade. When short term optimism was this high in the past, the S&P usually pulled back in the short term".
After 5 waves down, $SPY almost reached its objective at 286.45 with 3 waves up. $ES futures are pulling back sharply down 2.1% at present. WTI is crashing to 18 yr. low. $IWM, $KRE will be under severe bear pressure.
Watching for signals to turn negative before committing to the bear case.
After 5 waves down, $SPY almost reached its objective at 286.45 with 3 waves up. $ES futures are pulling back sharply down 2.1% at present. WTI is crashing to 18 yr. low. $IWM, $KRE will be under severe bear pressure.
Watching for signals to turn negative before committing to the bear case.