The S&P has made a historic rally over the previous three trading days. It is no surprise that it is churning sideways a bit today. Bounces like what we saw this week are so far fetch, that they hardly ever occur. In fact for us to be down 4% on the month and rally back into the green with just three trading days left to do it in, hasn’t been done since 1938!
But where does that leave the bulls?
In the same place it has been over the last two years and it isn’t good. Of course breakout to new all-time highs, and you have a game changer scenario on your hands, or simply just break resistance that I have outlined for you below.
Because over 2100, for the past two years, is where every market rally has quickly gone on to die at. I’m not saying this because I am some perma-bear because I am not. I look for the path of least resistance and I can tell you with confidence that 2100 and above is not an ideal place to be adding new long positions at. And with the market having rallied 117 points off of the Monday lows, I think it is safe to say, that a pullback could be in order here.
Don’t forget either that Brexit news hasn’t been completely finished. Traders assume it has, but all it takes is one bad headline and the market will react negatively.
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