Yesterday, I posted a rare Tuesday update -- if you missed it, it's worth a gander and can be found here: Bears in the Running.
Before we get into the charts, I came across the following interesting graph in the Wall Street Journal:
I also found this headline (below), combined with the WSJ computer algorithm randomly pairing this recent video of "Gellin' Like" Janet Yellen, amusing. Headline: "Consumer Prices Jumped..." -- video title: "Yellen Doesn't Anticipate Inflation to be a Problem."
These geniuses hold the American people's finances in their hands.
Chart-wise, let's start off with the legacy chart that, for a while, has suspected we'd visit 4100-10, and we finally (almost) got there:
Next, the updated chart from yesterday, which shows the bear count:
Finally, when we broke above the green trend line last month, I figured the market would want to retest it at some point (and said so on 4/9/21)... and yesterday, we did. Now we find out if bears have more in the tank or not:
In conclusion, in a perfect world, I'd like to see SPX break yesterday's low, but I have a hard time banking on much in this wacky market. Of note, ES (e-mini S&P futures) did make a new low during the overnight session (right into the 4100-10 target zone). Basically, if bulls still have the ball, they could rally from current levels (or a bit lower) -- if bears have the ball now, then this thing is just getting warmed up. We'll continue watching the inflection zones for clues. Trade safe.
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