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ES made a new all time high overnight and SPX has made a very marginal new high this morning. I regularly hear that highs made in globex are always retested in regular trading hours, and that isn’t true, and is demonstrated to be untrue on a regular basis, but these globex highs are retested at least three times out of four, and most likely we’ll see that here.
SPX has a decent rising channel established and rising channel support is in the 2390 area. That’s in the same area as the 50 hour MA, and I’m expecting that to hold until this move enters the topping process. SPX 60min chart:
After the market bottomed at the 2330SPX support we noted weeks ago, it has continued higher towards our ideal target at 2410SPX on Friday, after spending the week in a sideways consolidation.
If you are done looking for a market top, well, so are many other bears. After this past week’s move (which we called for), more and more bears are waving the white flag. And the reason, which amuses me the most, is that they are claiming that “the fundamentals now support a higher S&P500.”
As I have warned many times in the past, market fundamentals are a lagging indicator. I have explained it in great detail in prior articles:
The real economy, in my opinion, is better represented by the likes of the commodity index (shown below) than by, say, SnapChat (which reports “Earnings” on Wednesday). The breakdown continues apace…….
The good people of my fair city are getting slack-jawed over real estate. Even with interest rates rising (should SHOULD diminish any asset that depends so heavily on debt), prices just keep getting crazier. Right on the front page this morning is a 900 square foot shack in a crappy part of town that sold for two and a half million bucks, way over the asking price.
Given the mayhem that took place a couple of weeks ago during the first round of the French elections, I was naturally curious to see what would happen yesterday, during the runoff. Marchon was widely expected to win, and he did so, and quite handily. As with the last instance, there was a sudden “pop” in just about every market………the difference this time being the pop lasted about a quarter of a second, followed by a slow erosion through the night. First with crude oil……..