Wednesday, June 2, 2021

SPX and NYA: Good News and Bad News

Well, there's good news and bad news for bears and bulls today.  First, the good/bad news (depending on which category you're in), then we'll cover the good/bad news.

The good/bad news is:  SPX was rejected shy of its ATH yesterday:

However, the good/bad news is, NYA was not:

This is clearly still an uncommitted market, and hopefully the charts do a good job of explaining why.  On another note, I published a brief non-market (but with market psychology (among other) applications) piece earlier this morning, which can be found here:  Interlude.  Trade safe.  


  1. BITCOIN likely has life left as REDDIT still act as boiler room penny stock promoters. AMC, Game Stop are beyond ridiculous valuation. BUT the slow draw up from recent peaks in Q's, SPX, IWM is more than a little concerning. In fact it better breakout this week or a nasty drop will ensue. Bubbles of this magnitude take on a life of their own. Tulips priced as high as a house and economists were comfortable with it. Buffet considered a joke with his silly indices breaking all time highs. IF we don't drop hard in June the really elevated spike move will be in July/August.

    1. 6/3 started the crack in market. I expect a BIG drop all in days. Labor costs rising as service sector on fire like never before. OIL will likely hit 90 soon even if they contain the dollar which is not likely. Flash crash possibility right here.

    2. Obviously wrong. Next surge now likely. Q's need to break recent highs as it is the weakest. Costs/Inflation will continue to rise placing an eventual breaking point. Question remains WHEN? OIL, dollar, treasuries ALL within the acceptable zone and only OIL seems to be breaking out so far.