Well, the Bull continues to rampage through the China Shop and here are this morning’s headlines.
The Hulbert thing is sentiment related as he noted Nasdaq market timers were over bullish, but the trade war headlines are again acting as a trigger for more jitters.
Now, I will be more than happy to call bearish and an end to the rally scenario when that is actually indicated. It of course could be in the process of ending because the view has been that this will be an ultimately ill-fated rally (although counter intuitively, the more negative reactions along the way the more enduring the rally could be if it is indeed still in process). But even with a projection of this morning’s bearish pre-market activity the rally’s end is not yet indicated.
At 6:30 US Eastern time SPX is projected to open at 2743, which only begins to touch the lateral cluster of short-term support, and also includes a gap to be filled at 2734.