Friday, April 16, 2021

SPX and COMPQ Updates

Still no changes in the outlook.  The near-term SPX chart again proved useful:

Big picture:

COMPQ has now moved into its first inflection zone... we'll see if the market has any reaction to this, or if it blows right through it:

In conclusion, still little to add unless and until there's an impulsive decline to signal a pause in the uptrend.  COMPQ could, of course, react to its inflection (and thus signal the rest of the market will do the same), but given the relentless nature of the uptrend so far, we probably have to treat that as speculative for now.  Trade safe.

1 comment:

  1. Powell made sure he talked down concerns for inflation and the market listened. Add a huge overheated housing market to the list while the dollar and yields stay tame. The street will sober up quickly in next 2 months (IF) the data provides more evidence of a huge spike ahead. Setup for a HUGE CRASH! BTW as expected the market is driving price of stocks above their earnings making an ever higher P/E ratio. SP500 now over 42. When it hits 45 punt. Biggest Bubble developing EVER! and so few see it or are even concerned. Want to buy a TULIP? How about a bitcoin.