Bears Get the Horns Again! Posted by Coolhand

What comes after silly? Insane? :smile:

I've been saying for a few weeks now that this market could get silly to the upside and that even the bulls may be shaking their heads at some point. I saw this coming, though I don't make predictions. I just share my expectations based on what I'm looking at. My perspective is shaped by more than just the elements you read in my commentary. I know the matrix.

So, just when many were thinking market exhaustion, boom!; we get another push to the upside.

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Price on the DWCPF hit and closed at another all-time high today. And momentum is flat. But price is what matters most. Notice how long now that RSI has been buried in overbought territory. The S&P rallied as well, but did not hit a new high. However, it's not far from it. Is momentum starting to turn back up? What if it does? How many points might that be good for? I'm just musing. As long as the DWCPF continues to fly, the S&P, while lagging, will likely follow.

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Cumulative breadth gave us another all-time high as well. Probably one of the most impressive ramps I've seen on this chart.

I still see no reason to get bearish. Someone wants this market higher and NAAIM knew it.

I remain bullish.