SPY (Stocks) looks to continue uptrend


For the last year you have heard me preach this blow-off top. So far, we've nailed it. Today, the FED decided to continue the pause. No surprises here and it turned out to be a non-event in the market. The FED knows that they are "this close" to breaking everything. Macro-economically, we are on the brink of disaster both nationally and globally. Many people know this both logically and instinctively. Still the market will go against all odds and price stocks irrationally. This is happening. And my blow-off top is playing out perfectly!

The dollar has had 9 straight weeks of green candles. Time to take a rest.

The VIX hit a two year low this last week and remains suppressed.

Dollar down + VIX down = Markets UP!

Additionally, you can see from a technical perspective indicators that continue to support my blow-off top thesis:

  1. Notice Elliot Wave. We are on the final wave now.
  2. Notice that trendline (wave 5). We are still above that.
  3. Notice Ichimoku cloud is green and beneath us.
  4. Notice the 50 candle moving avg below us giving us support.
  5. Notice the green area of support below us.

I am not telling any one of you that you are wrong if you believe we will eventually go down. I agree with you. But before that? BLOW-OFF TOP!

Best in all your trades,

Stewdamus Trades -

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