1. I hate the way you always seem to rise, even when you're supposed to fall.
2. I hate the way you make me scratch my head, when price action makes no sense at all.
3. I hate the way you brand me a contrarian, even though we all know the real economy is dead.
4. I hate the fact that you only seem to move, off of sentiment from the FED.
5. I hate that you give me road rage, when pushing my shopping cart at the grocery store.
6. I hate that you no longer care about fundamentals, and now you've made technicals a bore.
7. I hate the way that price action now controls sentiment, and not the other way around.
8. I hate when you squeeze me out of my short, even when support clearly hasn't been found.
9. I hate your stubborn attitude, when all the facts that are stacked against you stand tall.
10. But, most of all, Mr. Market, I hate the way I don't hate you, not even a little, not even at all.
Personally, I'm observing this resistance line as cyclical and it goes back to 2011. I don't see it breaking, and if the bulls epic November rally loses traction before month end, the downside is absolutely gargantuan.
Stay tuned for live updates today, and as always, thanks for your time guys! If you enjoyed today's analysis, please hit the Like button and subscribe to our profile. The information and analysis shared in this post is not financial advice. Always conduct your own analysis and research.
Thanks for your time today guys! I hope you enjoyed the analysis.
See you tomorrow. Cheers, Michael.
I knew that NASDAQ was going to fill its gap today and drag the S&P with it, and then I thought it would reverse, but nope just kept going (so far). This market is so bonkers that it is maddening. I swear every week that I am going to stop charting, stop trying to short it, but every week I am right back at it. I feel like the following statement sums it up for us bears.
Insanity is doing the same thing over and over again and expecting different results. Yep, that's me (sigh).
I just know that as soon as switch to bullish the market will drop. It happened to me in June after that FOMO rally. I went all in and paid the price for like a month. Got frustrated and went back to being a bear and thus missed out on all the FOMO. I have never recovered and I am now a cynical bear. Most of the last 4 years has defied reason, so why shouldn't the market continue the same. Good news, bad news, no news is good news for the market!
Thanks again for the post. It really hit the spot.
FYI, this is my chart for today, as you can see S&P f'd me again.