2023 remains the walled garden of equity bulls. The /ES futures basically park themselves for a few hours, barely moving at all, and then once the regular cash market opens, it’s off to the races.
Now that the Fibonacci retracement provided support over the past few days, traders began making their next move which is to challenge the lifetime high established at the beginning of 2022. It seems incredible, but there isn’t even 5% between present price levels and never-before-seen highs on the S&P 500.
In the midst of all this, absolute garbage stocks have produced eye-popping returns. Carvana, for example, has gone from a 3-handle to over $50, which is literally a quadruple-digit percentage gain in just half a year. It seems to me that dashed line probably provides a strong barrier to further ascent, but to those insane enough to buy this crumbling company at the end of 2022, good for you.
