The fear I expressed on my Tastytrade segment yesterday – – that is, the notion that the little bit of selling we saw was nothing more than an easing back toward support — seems to have come true (take note of the green tinted area). So the line that acted as resistance before (magenta tint) is now support, until such time as we get a close beneath that line (if ever).
The very thin reed of hope I would offer is that, even in this environment, the Dow’s lurches higher seem to be weaker and weaker. Take note of the series of lower highs. The “narrative” that Yellen will just keep on keepin’ on, and thus keep the stock market pushing incessantly higher, seems to be both widely believed and utterly plausible.
