Ever since Jerome Powell demonstrated he has absolutely no backbone, and is far, far more concerned about having his feelings hurt by a mean tweet than he is about the long-term stability of the United States, the equity markets have been on an explosive ascent.
I would like to quietly point out something that 99.9999% of people are unaware of, which is the Fibonacci retracement spanning the entire decade-long bull market of the Russell 2000:
Looking more closely, we can see the Fibonacci level is at 1442.60. What was Wednesday’s highest price point? I’ve shown it below. That is 99.9875% close enough. Astonishing. Just astonishing (assuming it holds).
Of course, the weak-willed and timorous Powell may continue to give his ostensible boss more gifts, terrified as he quite evidently is. But if this level should hold, I think we can all raise a chalice to Mr. Fibonacci and the mathematical insight he has provided us all.