It looks like nothing will hold this market down. The SPX is offering about one to two days of pullbacks before it wants to head higher. As you look at the graphic below it appears the SPX is trying to trade in the upper range - 2795 to 2830.
Craig
2 comments:
Mario Tenerani
said...
Thank you for your market posture I agree with you...nothing is taking down this market but scary to keep trading bullishly what has to happen for the market to drop?
I think that there's a good chance of stronger pullbacks building due to the volatility rising. Outside of things such as geopolitical events adversely impacting the market, the biggest concern would be this month's earnings reporting. If things look bad it could cause some stronger pullbacks. Otherwise, it's starting to look like a nice neutral to bullish trend for this year.
2 comments:
Thank you for your market posture
I agree with you...nothing is taking down this market but scary to keep trading bullishly
what has to happen for the market to drop?
I think that there's a good chance of stronger pullbacks building due to the volatility rising. Outside of things such as geopolitical events adversely impacting the market, the biggest concern would be this month's earnings reporting. If things look bad it could cause some stronger pullbacks. Otherwise, it's starting to look like a nice neutral to bullish trend for this year.
Craig
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