Loading ...Before we celebrate the all time high in the Dow …
… it was not confirmed by an all time high in S&P or Nasdaq.
And … the best Tweets I read today:
“Only real earnings data points last couple days – $ORCL and $ADBE both down big.
We’re going to see massive rotation from tech if not a broader decline.
Recall the market bounced in Oct 2022 off of a scary high inflation print … symmetry would suggest something similar here (to the downside)”
and
“Bad news for the bulls – the pivot has been declared. No more bullish catalysts for as far as the eye can see …”
And, of course, “The December triple witch option expiration on Friday.”
GL
Good comments, right or wrong.
The math I use suggests that bears ought to expect at least a double top.
The next high when it arrives, will be retested and perhaps even bested, before she breaks.
The other adage is that the top is marked by the first time the FOMC actually cuts rates, rather than holds. Because they SEE something/KNOW something that most don’t quite yet. (That flies in face of what I believe to be true, that the Fed merely adopts a FFR that the market itself tells it to use. In that case, the Fed is merely following orders based on what the market sees and they don’t.)
Some good comments both, some not so much. Yes, only the DJIA made a new high which use to be a “Joe Granville” sell signal. Would not make that call until the month/ year is over. I would expect that the S&P and maybe even other averages will make new highs in the next two weeks. The point about the market not toppig until the first cut is correct. Unless the FED sees the need for an emergency cut then you still have six weeks until next FED meeting so plenty of time for a top in early Jan. a pullback and retest before the meeting and the first cut.