The bulls have owned this market for almost a solid year. Well, let’s be honest: they’ve owned it since March 9, 2009. It’s jaw-dropping when you think that in 2009 that S&P 500 was about ONE-TENTH the value it is today. Honestly. In any case, the trio of exponential moving averages for the past year has been gently slipping higher, without even the remote threat of a bearish crossover ever taking place.
I would note, if I may, that the volatility index is still suggesting something might be bubbling up under the surface. Let’s face an eye on the steady series of Higher Lows that’s been taking place. If nothing else, I’m pretty sure we’re going to make a visit into at least the mid-20s before this year is over.
