We have to give the devil his due: the market is still bullishly-configured. The three surviving bears on Earth must recognize this. Of course, if these formations break, that means they are equally as powerful in their failure as they are in their success. But, as of Friday’s close, we have a SPY that’s still perfectly poised for higher prices……..
…….and semiconductor sector (SMH) which is within spitting distance of lifetime highs…….
……a NASDAQ (QQQ) which is cleanly above Fibonacci support………
……and a “face-off” between the bearish (red) and bullish (green) patterns which is still bull-friendly. We need to sink back into “the green zone” to spoil the party for our bullish friends.
