SP500: Stocks Make New Highs. Pundits Call a Top. Rinse and Repeat!

Good afternoon!

I don’t think I’ve ever written that on this blog before. It certainly feels a little strange, but I’m sure we’ll get through it! 🙂

So how about that S&P 500, huh? Wow. Just wow!

Since the GFC low, it’s the same old story:

Stocks make new highs.
Pundits call a top.
Stocks make new highs again.
Pundits call a top again.

Rinse and repeat!

I’m not even going to bother posting a zoomed out chart, we all know the bull market story here.

A snapshot of the latest new high is all you need:

S&P 500 Daily:

Click on chart to see a larger view.

Yep, that’s right. Just another breakout and retest where the buyers immediately come flooding in.

S&P 500 15 Minute:

Click on chart to see a larger view.

As you can see on the 15 minute chart, breakout has huge momentum behind it. I’ve marked some short term resistance levels that we always look to turn into support so we can trade off them and the momentum is so strong that they aren’t even retesting. The strength is just relentless.

If only the internet was as keen to simply follow the trend as it was to call a top!

Anyway, I can’t wait for the keyboard warriors on social media to flag this latest high as the top. Who knows, this might actually be the time they are correct.

Even a broken clock is correct twice a day!

Best of probabilities to you.

Dane Williams – Forex Analyst

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Source: Vantage FX Blog