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Each consolidation that we have seen has been rather tame, which makes it tough to embrace the bear case here. Below, the 30-minute chart of the SPY stretching back to last week’s reversal shows a pretty solid trend, with us consolidating just under major resistance of that multi-month trading range. A few names like CHKP GBX GRMN have my interest in terms of reasonably tight individual setups, and I am doing my best to stay nimble here without getting married to a thesis. I recognize that plenty of traders are still looking for a pullback here, which may very well be negating the possibility of it happening now. However, the energy in today’s move higher is lackluster and not exactly inspiring me to throw in the towel and chase.
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Bacon Bad indeud.
I finally just got it.
Very clever.
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I’ll have the linguine & clams with the Walter White sauce.
count me amoung the multitude of pullback peeps. I do also fear broken robot upside with me sitting on the sidelines.
severely overbought, indicators are sreaming overbought, massive negative divergence, everybody waiting for a pullback, light volume meltup…..just get that awful feeling this is a “set up”, just not sure who is being set up….the longs OR the shorts…maybe both.