It seems the herd is itching to nail the SM exact top and many big name investors have been shorting the S&P for weeks and months. I trade what’s right in front of me and I cant find the bear case in the chart structure at current levels. From a market psychology standpoint, if the SM moves up to all time highs from here before finding a major inflection point, that will likely make the most number of losers out of market participants. With that said, if prices do move up to make marginally higher highs, perhaps around 11,500 on my $NYA chart, that would open the door for a bearish shark pattern to come into play for those familiar with harmonic patterns (i.e Gartleys). For now, at least from my perspective, it appears the bears are absolutely guessing that we are at market top because I cannot find a shred of chart evidence to support it….while I see a lot of chart structures supporting higher prices from here. I hear most of you guys citing fundamental evidence that prices should fall from here….horrible economic growth/earnings, historical statistics, etc…..but we are chartists here and could care less about what is “supposed” to happen from here. That’s all just biased talk to me. Just watch how quickly you will blow up your account trying to trade overblown P/Es, record put/call ratios, extreme sentiment indicators, etc….sorry guys, that’s just how I see it…which doesn’t mean squat I know but it’s a perspective.

NYA