Rebel Traders - Stock Market and Economic Analysis
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S&P 500 (SPX) Chart
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Take a look at the RSI from May to July. The market still kept going higher after the neg divergence.
failed re-test on the daily rising wedge then followed by failed re-test on the hourly rising wedge. Good chart, hope your voice is getting better for the video
What it holding it up ?
http://stockcharts.com/h-sc/ui?s=$NYSI&p=D&yr=0&mn=6&dy=0&id=p05811014821&a=124265313&listNum=3&listNum=3
I hope Chuck is right this time after being wrong a few dozens of times. After looking at his TA for a while, one can conclude that Perma-bears like him see only wedges and and a resistance trendline while the rest of the world sees definitive rising channel and a strong uptrend, though in a bear market on a longer time-frame. “Rebels” who foolishly fight the Fed and a falling dollar only lick their wounds after being bashed up by a raging bull. But some “rebels” (in reality fools), never learn!
Well said KK. The bears hae fuelled this whole run up anyway. It will continue as long as bears continue to think that the market will go down as the bulls keep ripping this up and the bears are forced to cover.
“bulls who ripping this up” –is this “new economy” again like in 1999-when market can go only up?! this time interest rates need to be even lower to support this bubble…