This post might be irrelevant (or at least transformed) by the time you read this, but my point is a very simple one: the market is behaving extraordinarily well from a charting perspective, and the big key right this second is whether today, Thursday, we take out last Thursday’s highs. The duel is clear as can be:
So that’s the /ES, and the /NQ is no different:
We’re so low at this point (relatively speaking) you have to back all the way up to a weekly chart to see what the next level down is. And it’s a doozy.
I noticed a true shift in market psychology yesterday with respect to the bulls as a whole. They are no longer frisky about a bounce. They’re getting pissed off and resentful. I’m talking about the “you must have the United States” style resentful (not toward me personally, but to the big bad bears in general).
And, the super weird one which is new to me, “You shouldn’t bet against the world, because that only works once.” HUH? What are you talking about, you Cramer-worshipping Bozo? I’m not betting against the world. I’m betting against a grotesquely-overvalued market that is going to take YEARS to normalize.
Anyway, off to the front lines we go. I’m so short, I could jump off a dime.