Doing some long term trend analysis this morning. You can easily see the megaphone pattern on the SPX weekly and we are nearing the current top. There is a lot of good things happening right now. TSLA making everyone feel like they are rich (if you were long) positive trade war comments, etc. The current news and good vibes could easily see us jump to an all time highs on the SPX & SPY early this week.
Underlying economic data is weak in my opinion and I believe this market is being seriously pumped up going into the Powell speech. The drop may not coincide with that talk and the end of this week, but with the earnings season melt-up mode almost over I'm going with sooner than later for this to begin.
Underlying economic data is weak in my opinion and I believe this market is being seriously pumped up going into the Powell speech. The drop may not coincide with that talk and the end of this week, but with the earnings season melt-up mode almost over I'm going with sooner than later for this to begin.