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I’ve been doing this whole “charting” and “trading” thing a long time. I was there for the 1987 crash, as well as the bull market that led to it. I can remember the market’s response to the invasion of Kuwait like it was yesterday. The Internet Bubble. The crash of 2001. 9/11. The financial crisis. And on and on and on.
But I’ve never seen anything like what we’re seeing now. You’d think that, in the 11th year of this pre-fab bull market, some two-sided action might be creeping in, but, nope. This entire thing is starting to feel permanent. And it feels like the MMT lunatics are going to end.
Anyway, below are some major indexes and ETFs along with their breakouts:
The federal government has now perfected utter control of equities;
They have absolutely no reason to ever let them decrease;
It will be months, years, or decades, before they lose control.
Having embraced those chilling assumptions, here are the measured moves for the cash indexes shown, represented in both point and percentage terms. These measured moves are based on the inverted head and shoulders pattern, all of which are complete except for the Russell 2000. Please note that the percentage gains are measured from the neckline, not from present price levels.
One look at the chart from December 26th to present tells the story. Up, up, up, day after day. In all these months, there were two – – count ’em, two – – decent down days. Besides that, it’s been a ceaseless bullgasm.