This media headline is exactly the point of a symmetrical triangle point #5 FOMO suck-in scenario as words like “breakout!” and “all-time highs!” are trumpeted far and wide (you can click the headline for the story, including a daily SPX chart managing a bullish view for you)…
Peter Schultz, author of the Winning Secret newsletter, looked at the market’s moves and says it’s time to turn bullish.
* Fellow long-in-the-tooth hockey fans may recall the New York Islanders “drive for 5” (cups) of the 1980s, from which our little word play was derived.
Daily SPX has now closed for 3 days above former short-term resistance, now short-term support. The bulls have the ball.
Weekly SPX shows point 5 of the reverse symmetrical triangle sitting up there in all its bull trap or bull heaven * splendor. Trends are up, all key supports are intact and the bears have nothing but the gross looking RSI and a MACD that is not much better. Will those divergences finally matter at point 5, assuming SPX gets there?
* Point 5 is a potential reversal point after max-FOMO suck in. But folks, it is also a potential turnstile or gateway to the most obnoxious expression of manufactured greed yet seen in this over-manipulated mess.
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