Yesterday was an important inflection point, now that the most overrated company in the history of the world is out of the way. As I look at the S&P 500 futures this morning, I’d say that 5316 is an important base to what looks like an interesting right triangle reversal.
This has been a week of lifetime highs across the board for most indexes and stocks, although the small caps just keep getting smaller. The $RUT lifetime high remains safely in place from three freakin’ years ago, and over the course of this week the small cap futures have been banging out the textbook definition of “lower highs”:
I would also like to point out that Bitcoin, which had the benefit of a friendly Congress and a lot of ETH ETF chatter, seems to have sputtered out with its own inverted H&S pattern. The jury is still out, but it is looking a lot more “iffy” than early this week.
I remain in eight bearish positions, relieved that my one kooky trade (the QQQ puts expiring today) was safely closed out at a terrific profit so I don’t have to worry about a ticking clock. Instead, my options expire anywhere from 119 to 239 days from now, so I’m cool as a cucumber and ready for the day ahead:
