(Note: 5 charts today, so the update is continued on a second page...)
So there are "difficult" markets, and then there are markets like this one, which basically cater only to the "permas." By that, I mean they can be hard to trade if you think too much. If you're simply a perma-bull in your approach ("BTFD! Duh!"), then you're a "genus"! (And probably a "phylum" as well!). As someone whose name I'm too lazy to look up at the moment once famously said: "Don't confuse brains with a bull market." Or was it: "Don't confuse brawn with Chuck Norris"? No matter. The point is, markets like this reward the True Believers and punish everyone else.
That is, until they don't, of course -- at which point the True Believers get wiped out.
But for now, the True Believers are still reaping bragging rights, and maybe eking out some amount of profit here and there, depending on how many times they've given it all back by buying near the top and selling near the bottom, and how many times they've held through massive drawdown only so they could, in the end, say: "See? I KNEW it would come back! BTFD -- the only way for me! Yo."
SPX finally cleared its all-time-high, and INDU has broken above prior resistance (in any bull move, step one is to break prior resistance, step two is to hold that and for resistance to act as support. Step two has yet to be determined here.):
RUT has continued on a rocket-launch trajectory:
Bears are running out of real estate and chances, and need a whipsaw in the next few sessions to be able to cling to much in the way of directly-bearish intermediate hopes:
Finally, a near-term chart of SPX, along with some notes that I published in our forum yesterday, regarding my approach at times like this:
In conclusion, there's not really anything I could add down here that would be able to summarize this market in a few words or less, beyond that which has already been said. Bears have to turn SPX's breakout into a whipsaw to hang on to intermediate hopes. Trade safe.