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As I glance out the window, the yard is drenched with rain. Those of you who don’t live in the Bay Area need to understand why I point this out. It never rains except from November to March. Ever. For it to rain in June is the equivalent of Hillary Clinton successfully visiting the petites section at Bloomingdales and fitting into everything she tries. It’s the equivalent of a snowstorm in Phoenix in August. It just. Doesn’t. Happen. But……..
When I saw Robert Prechter featured as the #1 story yesterday on the usually-bullish MarketWatch, I had concerns, believe me, about my short positions. Those concerns were realized today, as the market has been roaring higher.
SPX had me worried yesterday morning when falling wedge support broke, but it reversed at the 2072 triangle target and broke right back up. This is unusual but perfectly valid. With the 15min buy signal as well I am expecting a rally back into the 2090s, most likely to test key resistance in the 2099-2101 area at the 50 hour MA and 50 day MA and EMA. I have marked up a possible IHS on the chart, which could morph into a double bottom on a retest of yesterday’s lows. SPX 15min chart:
