S&P 500 - SPY Extremely Bullish Indications - Multi ConfirmationI have been operating on the assumption that the Dow Jones TVC:DJI will reach 20,000 as it certainly Makes America Great(er) Again(Than before 20,000)!!! *insert charming sentence about the interrelated...ness'... of markets* Thus the S&P 500 will likely also rally... that takes us to the end of the macro (arguably still mostly technical) analysis portion, thank you for your patience!
Technicals have been setting up another bull-run. I've linked to yesterdays post based on PCRs that are showing extremes... i.e. today the OEX's Put/Call Ratio PCOEX is at .276 (This is the cagefree-shark-diving-with-chunks of-raw-meet-tied-to-your-body degree of extreme...ness'...) --- Also, the SPX Put/Call Ratio PCSPX is sitting at a 1.624 --- Please don't ask which ones are contrarian, seriously...
If you saw the chart published yesterday that I have linked to this one, you would see that I had included a pennant, and flag version... I now conclude that multiple TFs have validated and confirmed it to be a rectangle, which was my thought all along. Many folks post without extended-hours included and thus base their judgement on an incomplete data set... It is crucial to include and analyze as much of the picture as possible! Some will have you believe this to be a right angled triangle (flat bottom, descending top) but in my opinion that is a stretch, if even an option due to the nearly zero touches of the proposed support... Check this out for yourself, drop a comment or two!
You want more bullishness?
More than 2.5 billion shares have advanced in last 36 hours across US equities markets...
Most of which did so today...
While I could list many more, that would leave no work for you intrepid technical detectives of sorts... quite frankly I couldn't sleep knowing I was such a selfish taker'... Ironically my wife sleeps quite well.
Oh, nearly forgot... you may be wondering about my wave analysis... self-awareness is crucial in trading, and well, I didn't leave out "Elliot" by accident... Infact, I was trying to not use the word 'analysis' either but my hunger has overtaken my desire for grammatical accuracy... I have great respect for EWA and those who have mastered it, the only mastery I have related to EWA is a mastery of knowing I know very little about it... Despite the obvious ring to it, I am afraid that really isn't a mastery...
Nevertheless, based on some of the Elliot Wave Analysis I've seen from the TradingView community you could very well confuse me for Mr. Elliot Wave himself... relax, I am obviously kidding... clearly I'm nearly entirely half joking. On a side note, what are the chances of such a well-suited lastname? This must be why one school of thought has always credited the theory to his parents, they often bring up the 83 months it took Elliot to successfully pass the Grade 2 English and Math literacy examinations (Knowing the first five letters in the alphabet, counting to to five, sometimes counting to five and being told to start again but count up to two less than last time... Sometimes combining the two, i.e. Please count to five and then say the first three letters in the alphabet)... If you ask me, this is a bunch of total b.s.!
I digress, please consider my wave counts as you would the previous paragraph - If by some minuscule chance they are correct, the implications would imply the start of a massive rally... aka you would want to go long, and stay long...
The counts did not contribute to, or affect, my sentiment and analysis!
P.S. Please feel free to leave a comment or five, this is a community after-all! ... I am fine with constructive criticism, destructive criticism, compliments, personal insults and even childish name-calling....just PLEASE have some sort of opinion, and whatever you do, don't be a fence sitter, I hate fence sitters!!!!
