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The short-selling fund, symbol HDGE, sums it up nicely. The year was fantastic for the bears………for a little while. Every since February 11, which feels like about fifty years ago, it’s been a complete shit-show. I’m starting to think it’s going to be this way in perpetuity.
The killer is that there is a plethora of amazing short setups for individual stocks, but none of them are going to amount to jack squat as long as the market keeps getting drifted higher day after day. It’s a drag.
Long idea Square (SQ) continues to prosper, but I would note that it’s getting pretty close to sealing an important gap. I originally offered this idea a month ago, and it’s up about 25% in just one month’s time.
Yesterday started off as expected, but the move down stalled at the daily middle band, and then that held on repeated tests for the rest of the day. I was saying last night on the daily video update for subscribers at theartofchart.net that the support there three of the last four days was favoring a retest of the daily upper band at 2194/5 next, and that the possible H&S patterns forming on SPX, NDX & RUT were now much less likely to deliver. On a retest of the ATH, which we are seeing now, then I’d be looking for a marginal new all time high in the 2194-2200 range, that should not break the resistance trendline now at 2200. I would expect that marginal new high to be the swing high for the current move up, and for that to hold for three or four weeks. SPX daily chart:
