I was bearish, but I must admit...the bulls have it.
SPX has broken out of the range that it created in 2015 and has the potential to double it. Trend-wise we are in a trend inside a trend, inside another trend and all of them are pointing up. In other words the movement will be straight and rapid, but also terminal. At the top of the range the bulls will quickly exhaust their power and the market can make a sudden plunge that will probably end up triggering the next crisis.
SPX has broken out of the range that it created in 2015 and has the potential to double it. Trend-wise we are in a trend inside a trend, inside another trend and all of them are pointing up. In other words the movement will be straight and rapid, but also terminal. At the top of the range the bulls will quickly exhaust their power and the market can make a sudden plunge that will probably end up triggering the next crisis.
I was quick at throwing this idea together since the breakout in SPX was clearly visible. However, one must consider that DOW is still struggling inside a similar channel.
What does it mean? Is SPX performing a false breakout or is it DOW just lagging behind? - No idea. Just pay attention to both. It will be interesting to know for the future reference which one is more reliable to analyze.