Let's face it. The dude is a master at manipulating the markets and the markets eat it up. But regardless everything is pointing towards this "mini deal" and apparently that's enough good news for everyone to pop champagne and shoot for net ATH's.
Today we opened right where we left off after a WILD night in the futures markets and sure enough we ran up to test the top of the symmetrical triangle channel. On SPX it's a lot more pronounced, i will post the chart below. Remember SPY price is still a little skewed from the dividend payout a couple weeks ago. The downtrend line acted as perfect resistance on SPX after multiple stabs at it. But honestly the hopium is extra strength right now and i think people are just looking for an excuse to send the market higher. Either we gap over the downtrend line in SPX and over the resistance at $294 and make a run back towards $300 or all these theatrics with this trade deal unravel before our eyes and we're back at $290/$2900 and honestly both are completely possible.
At this point technicals are being washed out by the news flow, but also there aren't any negative divergences or anything to note a bearish case. You could have taken an objective short at the top of the symmetrical triangle for a scalp but with the way this market is right now i'm pretty sure everyone has PTSD.
I do have resistance pegged at the $296 level where the intermediate uptrend line acted as resistance before and also have it pegged as resistance in general.
Check out the SPX chart below to get a better idea of the downtrend resistance.
Today we opened right where we left off after a WILD night in the futures markets and sure enough we ran up to test the top of the symmetrical triangle channel. On SPX it's a lot more pronounced, i will post the chart below. Remember SPY price is still a little skewed from the dividend payout a couple weeks ago. The downtrend line acted as perfect resistance on SPX after multiple stabs at it. But honestly the hopium is extra strength right now and i think people are just looking for an excuse to send the market higher. Either we gap over the downtrend line in SPX and over the resistance at $294 and make a run back towards $300 or all these theatrics with this trade deal unravel before our eyes and we're back at $290/$2900 and honestly both are completely possible.
At this point technicals are being washed out by the news flow, but also there aren't any negative divergences or anything to note a bearish case. You could have taken an objective short at the top of the symmetrical triangle for a scalp but with the way this market is right now i'm pretty sure everyone has PTSD.
I do have resistance pegged at the $296 level where the intermediate uptrend line acted as resistance before and also have it pegged as resistance in general.
Check out the SPX chart below to get a better idea of the downtrend resistance.
