james.guo.127
Short

We are at a very important point

AMEX:SPY   SPDR S&P 500
257 3 4
Whether S&P 500             can break the new high will be EXTREMELY important!
If it cannot, the market will go into a Fan Shape, which is a very negative signal.
Well, if you look the volume , you will find we don't have enough volume that can support this rally.
So I am bearish the overall market.
The crazy market will end soon.
I would just like to point out that the volume may look like we don't have enough but if you go into the daily volume #'s, the volume on 'UP' days is actually slightly higher now than earlier in the year (or at minimum on par), so we may dip as volume does come down a bit and normalizes, but I would hold off on turning bearish ... but again, who really knows.
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Or it will be even more crazy. Problem with stock mkts is the central bankers presenc. They fck up everything, and I more and more tend to think there is a central manipulation, and real insider trading on these mkts. Demand and supply has been highly distorted by abnormal global QE, probably that's why technical setups can fade so quickly. Anyway, I am also looking for the reversal to sell it, but just because it is at ATH, it is not yet time to sell. It will be a strategic sell, when it reverses and breaks supports, until then it is just top hunting and lower risk/reward bet. (Btw I already have some bearish position too :-), but not yet all-in)
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Would you say above 201.80 is a new high?
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