Trend: Daily/Weekly/Monthly: Up/Up/Up #SPX at ATH; nobody can call a top, but YET, my most probable scenario is a drop - just for fun. What will be the trigger? I don't know. I need a sell from Globex open for it to happen.
3 scenarios: 1) Globex open, Powell's speech cause the rally to 4171-77 before a sell off in US session to end the day and we move down lower rest of week, to 3987-97. 2) Globex open and sell, we find support at 4077-99, before ending the week higher at 4171-77. 3) Globex open, gap up to some new highs 4135, but sold off, Powell's speech, cause further selling, we range mid of week, before ending at 3987-97.
my two catalyst (PMI which was high and conveniently the release was delayed, which trickles from manufacturing into retail through the supply chain, monetary pull inflation will show up soon), earnings disappointments in most, probably not all, major companies, so inflation talk which will continue combined with earnings falling short, that's my catalyst forecast
FadeMeIfYouCan
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Thanks for giving your inputs. But well, market don't care about any bad news now.
candlestickninja
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earnings will be the trigger when the markets humble those that think current PEs (see the Schiller) are justified