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[edit] Simple chart update turns opinionated [separate the two, as needed]… and the title is changed from ‘US Stock Market’ to reflect said opinions.
The first chart shows the progress the SPX is making on our 60 minute view. It turned up above the support level noted a couple days ago and is now logically dwelling at the pattern neckline. This is still bullish obviously, having made a higher high. Resistance and the measured target (blue arrow) are noted.
It’s not every day you see a common stock cross above $200,000 per share. In fact, I don’t think there’s ever been any such day before. Let us have a moment of respectful reflection for Uncle Warren and his astonishing victory:
Diana Shipping, shown below, is coming up on major overhead supply. I’m shorting at present price levels with a stop at 10.74.
The SPX daily RSI 5 closed the day over 60 yesterday so the bears now get a shot at turning this round at strong resistance in the 1948-56 range. History still isn’t encouraging for that, as only two of the last seventeen of these buy signals back to 2007 failed in this area, but it could happen. A reversal here might still just be a retracement however and would not necessarily lead to new lows. SPX daily vs NYMO and RSI 5:
