The intermediate uptrend is intact but the $3/lb. area remains a holdout. So, no big “party on Garth!” macro signal at this time. It’s just a boring and over worked economics Ph.D. who hasn’t written the macro prescription yet.
RSI has declined from an overbought 70+ and the last time that happened was last June. That was a not so nice signal.
As usual, no predictions. Just ongoing market risk management. I’ve raised cash significantly over the last week and am ready to a) add ‘everything bubble’ stocks or b) increase shorts as the market directs, and as of this moment SPX is painting a big fat bearish engulfing candle (right from the extreme resistance target of 2815). I’ll let it breathe for a while and then maybe post later if it’s still there.
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