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David's

Market Week 47


One index is refuse to make a new high. If someone following me every week he already knows which one is that. Yes, that’s our sideways hero, the Russell 2000. Other indices made new highs without a retracement so far. The more we ignore healthy movement the more aggressive the retracement will be.

SPX from Bloomberg

Uptrend intact on daily, today we start with a red, but predicting the top is the most foolish business in stock trading, alas many do. So until it won’t break some trend lines nothing to see here, just long.

SPX from Bloomberg

The uptrend line still holds. Until the break, no top guessing is initiated. It could be as same as the 2000 dot com bubble when from the top it went up insanely killing all shorting folk there.

Russell 2000

RTY from Bloomberg

Something is holding back this index. Underlying could be the answer. While S&P500 got APPL which is making new highs every day.

Summary

New highs every week but no retracement so far. Until the big red candle, this will just go further up.

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