I have been making the argument all week on my show that it appeared (using the S&P 500™ as the benchmark) that it was becoming more apparent by the day that there just wasn’t any more there-there left in the “markets.” It was becoming abundantly clear (figuratively) that 4800 was both looking like “the mark” for guaranteed year-end bonus celebrations for Wall Street, as well as possibly signalling we were at the extreme top of the market. i.e., There were no more buyers to buy, “they’re all in” as the saying goes.
That, if true, holds many precarious scenarios going forward, both in the short term as well as the longer. Could it all change on a dime and reverse as it has so many times prior it’s become near impossible to count, never mind track? Of course, however, all I’ll leave you with is the S&P 500 futures as of this writing (Thursday ~7:45pm EST) to express the above. To wit:
As always, we shall see.
© 2021 Mark St.Cyr
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