We haven’t had a meaningful multi-month selloff in literally 15 years. The market has never, ever been so over-valued, yet it still keeps climbing. Short-term, keep a close eye on the midline of this channel. The prospect of at least another trend to the lower bound of this channel (last experienced early in August) is plausible.
Tech stocks remain on the lower half of their own channel which spans the same timeline. Here, too, the lower trendline beckons.
Having broken even the lowest portion of the multi-month range, volatility seems poised to have a go at the lower 20s before this year is over.
