No doubt about it, this market has become a full-fledged, Rick James, Super-Freak.
The S&P 500 sells off for three straight weeks, and in one day, with one rally, the S&P 500 wipes out 2/3’s of those losses.
I can’t explain it, I just embrace it. I was short coming into the morning, I am now long. I don’t question it, I won’t mope around, I won’t break a keyboard over it.
Nope! Instead I just accept the market for what it is, and buy stocks as a result.
If you stand around complaining about what the market isn’t doing or what you think it should be doing, then you are likely to see opportunity pass you buy.
Don’t Let It!!!
With that said, this super freak market broke through some key resistance today in terms of the downward channel that had been offering up some solid resistance.
Also, the 5, 10, 20, and 50-day moving averages – ALL CLEARED!!!
SPX is currently 4 points away from breaking the right shoulder of that head and shoulders pattern that had formed over the last two months.
Here’s what I’m talking about.
