If the index can hold 294, I think we'll be at 300 in about a week. Take a look at how the market responded when the S&P challenged its 07 highs in 2013... I keep hearing ppl talk about bearish divergence... There was a lot more of it back in 2013 and the index didn't give a shit and kept moving up regardless. Same expanding triangle is forming here. If it can't hold 294, I think we'll see 290 again quickly.
I'm not showing it here, but the past 2 days have painted a small alternate bearish bat which bounced off the .886 exactly Friday afternoon. If we gap down monday I think it's almost a sure sign we're going back down to 290 as the typical bat retrace will take us under the 50HMA and from there it's a domino effect from a technical standpoint.
Considering how this rally has skewed bullish every single instance in times of indecision, I doubt the former will happen and I don't think we'll see sub-294 levels for awhile. I certainly didn't expect Friday's action to crush that shark PRZ as fast as it did. Manufactured pump pieces like the Buffet buys AMZN crap (notice how nothing actually mentions WHEN BH actually bought AMZN shares) are clearly intended for a purpose.
I'm still of the belief that we'll see a HUGE melt-up leading into the June 21 quad witching opex. I'm a buyer of June calls @ 294 w/ a hard stop loss at the previous ATH. Yea there might be a May sell event, but it'll be something like selling off from 300 to 295. Only when skepticism of the bull has completely evaporated will you see this Ponzi scheme topple over and fall...
I'm not showing it here, but the past 2 days have painted a small alternate bearish bat which bounced off the .886 exactly Friday afternoon. If we gap down monday I think it's almost a sure sign we're going back down to 290 as the typical bat retrace will take us under the 50HMA and from there it's a domino effect from a technical standpoint.
Considering how this rally has skewed bullish every single instance in times of indecision, I doubt the former will happen and I don't think we'll see sub-294 levels for awhile. I certainly didn't expect Friday's action to crush that shark PRZ as fast as it did. Manufactured pump pieces like the Buffet buys AMZN crap (notice how nothing actually mentions WHEN BH actually bought AMZN shares) are clearly intended for a purpose.
I'm still of the belief that we'll see a HUGE melt-up leading into the June 21 quad witching opex. I'm a buyer of June calls @ 294 w/ a hard stop loss at the previous ATH. Yea there might be a May sell event, but it'll be something like selling off from 300 to 295. Only when skepticism of the bull has completely evaporated will you see this Ponzi scheme topple over and fall...