When SPX gets to 2410 I am not going to be obnoxious in touting about having projected it 7+ months ago. That is because true to the nature of any self-respecting mania, it’s got me questioning whether or not 2410 is going to get blown through like it does not even exist.
So while I’ll honk a horn or two, regardless of whether 2410 proves to be a limit area or simply a green light, there is no place in markets for chest thumping. I have been wrong about plenty of things after all.
So here is the SPX weekly we’ve used as a bullish guide since last summer. With the hype dynamics in play now (was last night peak Trump, maybe?) that could be one hell of a Head building out on the S&P 500. In a distinctly less favored view, it could also be the first step to the grand new era unfolding after our liberation from the chains of socialism. I mean, that’s the sentiment driving this, isn’t it?
Leading indicator RUT-SPX continues to build out a bullish looking flag but the reality is that it has not broken upward and it is meandering downward. It could also fail. I’m just waiting for signals like this to tell me that ‘manic up’ is intensifying or heaven forbid, failing.
Meanwhile, it’s onward to the target with questions aplenty to be answered soon enough.
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