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Well, folks, I am rapidly reaching my personal “I can’t take much more of this crap” levels. It shouldn’t be THAT much of a surprise, honestly. The prospect of crawling above 4,000 on the S&P was quite clear, even at the depths of mid-June. At this point, what really counts is how the market treats those gaps from June 9th. I present them below, with the postulate that these represent important exhaustion levels for this month-long rally.
The most closely-watched earnings this evening was that from Netflix, and so far the reception is very warm.
Ever since the market stopped plunging a month ago, we’ve been engaged in a violent tug-of-war between the bulls and the bears in a massive 300-pound range on the /ES. We’re near the top of that range now.
