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My rally target yesterday morning was a retest of the daily middle band at 2100. SPX gapped over that this morning and the question now is whether the bulls can hold this break into the close. If they can then that would be impressively bullish and the new highs scenario would be back on the table. SPX daily chart:
Do I like the market roaring higher this morning, thanks to the weakening jobs situation? Nope. Does it make sense?. Yep! This is actually a marvelous countertrend rally, fitting perfectly within the context of the channel of the ES I’ve been following. We needed this bounce. Take note of what the bar looks like in the context of the channel as well as the series of lower highs.
The world is getting hyped up about bond yields lately with bonds of all stripes declining, as if we are in the midst of a debt Armageddon (we are and have been in the midst of a decades-long and still intact ‘debt for growth’ Ponzi operation). Here is some perspective…
