The market is either throwing us a bone meaning this is the best opportunity yet to get in on the remainder of this rally. OR, we fall through $281-282 and the unraveling of this market begins (which is the rational thing for it to do)...I will decide at the close today if I go long or short.
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Yes there's a dislocation of price versus value, yes we've rallied at a slope and rate that we've never seen before. And obviously it's not rocket science to have a bear story here. That's why I am offering a contrarian perspective. We retraced back to Fib 61.8 levels (SPY $294). And I think bedrock buyers realized that this is a very safe place to exit. Only 13% from the high and if you consider the tailwind we just saw, it's obvious why many capital managers exited. Therefore, I think the market is throwing us a bone here because the "trend is our friend" and until we fall through $281 SPY we are still in an uptick. Target of SPY $310 if we hold.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.