sp'daily5
R2K
Trans
Summary
..and the third quarter comes to an end.
The sp'500 has declined for 7 of the past 8 trading days, and I do understand why some are getting a little excited - if not arrogantly confident, of a major..if not severe downside wave in the coming month or two.
Yet..I just don't see it. I don't see the bears as having had any significant downside power in the past few months. Its taken the bears 8 days to break the market 50pts lower from the FOMC spike high of 1729. If you take the pre-FOMC spike, bears have managed a drop of just over 1%.
When you also consider the two market leaders - Trans/R2K, both of which closed today with reversal candles, I'm very concerned the market is viable to a VERY significant snap higher..with major multi-week up wave starting..at any point this week.
Yes, there is uncertainty with the looming US Govt' shutdown, but in the scheme of things, its simply not a very important issue.
Video update from Mr Permabull
a little more later...