The same trendline is being tested again with a sharp, bearish skid in the past five days. Despite bullish peaks it could be the end of the rally we've experienced since mid-Feb, but this trendline is holding strong.
It would be about time for this rally to reverse since it's pushed upward on steadily diminishing volume. There are many reversal signs on the chart but, much like Trump, nothing seems to stop its meteoric rise despite all the signs that it shouldn't. Based on that alone I think it's possible this could stay bullish because the market just doesn't seem to care about anything according to any logic that's been used in the past. Jobs down, the market rises. Jobs up, the market rises. Yellen drops hints at a rate hike, the market rises. Yellen drops hints of no rate hike, the market rises. Oil is up, the market rises. Oil is down, the market rises. China shrinks, the market rises. IMF says global economy is shrinking, the market rises.
So, it looks to me this should go down, but what do I know? Anybody's guess. Nothing seems to be able to stop this.
It would be about time for this rally to reverse since it's pushed upward on steadily diminishing volume. There are many reversal signs on the chart but, much like Trump, nothing seems to stop its meteoric rise despite all the signs that it shouldn't. Based on that alone I think it's possible this could stay bullish because the market just doesn't seem to care about anything according to any logic that's been used in the past. Jobs down, the market rises. Jobs up, the market rises. Yellen drops hints at a rate hike, the market rises. Yellen drops hints of no rate hike, the market rises. Oil is up, the market rises. Oil is down, the market rises. China shrinks, the market rises. IMF says global economy is shrinking, the market rises.
So, it looks to me this should go down, but what do I know? Anybody's guess. Nothing seems to be able to stop this.
