Well, poo. Last month I was really loving this stock market, and now it’s being a royal pain in the ass again. This morning, it looked like we’d be ready to have a rocking day, what with the Microsoft news and the Fed heads talking down the idea of a September pause. But then, apropos of nothing, we have gone vomiting higher, and everywhere you look assets are screaming green once more.
Honestly, the /ES for the year 2022 is a hot mess. Just look at this garbage below. I’m pretty good at what I do, and my hand to God, my confidence as to “up” or “down” has sunk to a new low. Just a dumpster fire, my friends.
The /NQ is up hundreds of points, although at the moment it at least has hung on to its series of lower highs. Still, though, today’s action is really, really bothersome to me. What on Earth is going on beneath the surface of this price action?
I could certainly make a bullish argument. Take a look at the small caps. We’ve got a steady, relentless series of higher lows, a clean cup-with-handle formation, and a push above the Fibonacci. I could absolutely make a case for this thing storming higher which, let’s face it, doesn’t sit too well with my put positions (long-dated though they may be).
