Nearing extremes again, but bulls refuse to break

The bulls dip buy every chance they get. Regardless of the timeframe that you are looking at, any decline is met with instantaneous buying support. But where does it take us on the S&P 500 (I could careless about the Dow)? 

Absolutely nowhere! We move from one area of consolidation to another, only making marginal new highs while the only opportunitiy to see some real traction (i.e. a significant sell-off) remains off the table. 

In fact the only real upside moves take place AFTER the market has made a decline – only then can you see the market make a move higher, and that is only to take us back to breakeven. 

To further compound the matter, we are now 70 days in without a 1% rally on the daily charts. That is an incredibly long time. 

Consolidation

Consolidation

Consolidation!

When the day comes that the market decides to change this behavior, stop buying the dip to nowhere, there will be a lot of money to be made from the decline that follows. But until then…tow the line. 

Here’s the SharePlanner Reversal Indicator: