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Because perspective is everything, let’s once again get some big picture perspective…
S&P 500 is outside the lower fork line (again the Fork being a novelty, but the line being real) but above critical support. Bears would call this an overthrow to the upside and massive bull trap. We can call it an intact bull market above support and a very bearish market should that support be lost.
I find this clip terribly touching: it was Norm Macdonald’s final appearance on the Late Show with David Letterman. The ending is priceless.
The rally on SPX was muted yesterday and SPX gapped through main rising wedge support this morning. I’m expecting this to follow though, though today has so far been about retesting that broken wedge support. That’s being retested now and if it holds as resistance then the next leg down should deliver a less brief break through double top support at 2119. SPX daily chart:
Note from Tim: in the name of balance, here’s a contribution from New Guy:
I wanted to make a quick case for why I believe the market is offering a favorable buying opportunity today. While some are approaching this recent price weakness as the beginning of a meaningful move lower, I think it is more likely that this is the end of a very mild dip.
My basic argument is that we are in the midst of a very healthy bull market. In a healthy bull market, we should keep taking advantage of oversold, low-risk opportunities until they stop working.
Healthy Bull Market
While major indices hover underneath their all-time highs, the stock market has been even stronger under the surface. This is evident from breadth:
Dada-ist genius. Before its time. Only the most enlightened Slopers will get it. More fun than charts.
