Bob Knights Paper Hands said:
I don't feel nearly as bullish as this sounds to me.
Mancini knows better than this.
Downtrend break would signal the end of THIS segment of the bear market. The one we've been in most of the year. But until market is at new highs and economic conditions actually start to IMPROVE, not just get less worse during a one of the most bullish seasons, we could be in that period between bear market drops where we chop around within a range.
But remember your resistance levels. Always. Don't get lazy and don't let the media gaslight you into complacency where you start making foolish decisions like you did in late 2021.
As of today, 4135 is what we need to break the bear market downtrend. It moves down with each day. Above that and we can run a little, but still have resistance at recent highs 4325, 4512, and 4637. 4818 top would then have to be broken. And you know we aren't going to nail those, even if this leg is over, all at once. If you are feeling bullish, I would suggest keeping an eye on your overbought / oversold indicators. Start with daily and then try to notice a trend going down to hourly. Ignore anything less as those can swing around within a day and don't point to longer term trends.
Also, look around you. Don't get stuck watching technicals of one chart. So many things are linked. DJI is big dogs more than any other. SPX is more tame. Watch energy macros. Crude, nat gas, petro, oilfield services, exploration, etc. Watch metals. Keep an eye on BTC. Know where bond prices and yields are. What are currencies doing? Sectors and segments of the market will each have their own trends and will influence greater macros.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)