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Blah... I smell bull trap. Almost all evidence I've examined tonight says we're going down.
J, the futures say that your instincts are right.
The bank news gave this market an extra pop. With all of those bank topping tails yesterday we could be in for a down turn.
In the money
Hold signal expected.... Should be more downside the next few days.
Thanks, J. And, fwiw, I agree. There's been a rising wedge forming on the SPX 5 minute chart all day, suggesting lower prices ahead.
Cobra is calling for a textbook target down to SPY 139.00 before the next rise. Who am I to argue...he's been dead on lately. Helps that we aren't getting a buy signal on a down day in a healthy market. This usually means more downside coming...