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Well, suffice it to say, the grind up continues and we are in bear hell. What has been clear to me is that this is a day trader’s market (for the most part). For swing traders and others, trying to stay in position in either direction won’t work (unless you are playing the really long game). It hadn’t really worked since October.
On Friday, the EFA came within six pennies of tagging its important resistance line (which is the dashed red horizontal).
I have mentioned how the market is in a massive “Face Off”, with a giant topping pattern on the left and a massive bullish base on the right. Across the board, we are at the line of scrimmage, and my dream is, of course, that we resolve this tension bearishly. It turns out that the municipal bond fund has this exactly same crazy setup, which I’ve never seen in my life before (and now it’s all over the place).
The surprise OPEC+ announcement two weekends ago solidly pushed oil over what had been a descending trendline of resistance.
