Latest Market Insights
Looking very short-term at markets, today’s failure to hold yesterday’s gains and potential close below yesterday’s lows is the first subtle sign I’ve seen that momentum is slowing since this rally began in early July.
Am I still constructive and bullish intermediate / long-term? Yes.
Am I getting short? No.
Am I reducing exposure? Yes.Read More
The $SPY kicked off the week with an inside day on Monday, finishing up 58 cents and directly in the center of Friday’s range. In today’s session we just slightly poked our heads below yesterday’s lows by 4 cents before reversing higher and closing in the center of Monday’s session.
We technically can’t call this back to back inside days by a textbook definition, but I never have subscribed to analyzing price action in such black and white terms,Read More
The S&P500 extended it’s gains to all time highs out of the gate on Monday further establishing it’s credibility that this rally is for real.
We’ve covered a lot of ground in very short order, since the Brexit lows on Monday 6/27, just 10 trading days ago, we’ve rallied north of 7% in the SPY.
Most would suggest we’re overbought, and due to pullback, and in the short-term that may not be unreasonable, but for the intermediate and longer term time-frame traders, it’s this exact speed and surge higher that supports the bull breakout case.
Keep in mind, this is a monster range the S&P500 has been trading sideways in for quite some time.Read More