Well, let’s call today The Revenge of Cathie Wood, since not only did stocks go up, but the more horrible the stock was, the MORE it went up. Really crappy issues were up 20% or more. As for the /ES, it sliced through two important resistance lines in a pair of powerful lurches.
For the moment, our Mountain Of Overhead Supply is utterly intact.
What would it take to wreck the bearish case? Well – – a few more days like this would do it! If prices keep penetrating deeper and deeper into the pattern, the power of the medium-term bearish case will drop precipitously. As of this moment, however, there isn’t a single long-term pattern that has been wrecked.