all in the video. I expect a pullback but it does look like 4600-4700 will be the goal by the end of the year. Probably beaten down stocks will finally play catch up to the Magnificent 7....
Komen:
we may top this A wave this morning, but a push up to 4560 area still very possible. Either way a correction is coming soon.
Komen:
if we start to pullback the 18ma weekly at 4400 should be strong support. If the market loses that 18ma I will be surprised and it will indicate this week being a bull trap. We could conceivably test the recent lows. This is an alternative. I only bring that up because right now every post I see is bullish on the market into the end of the year, so if we lose that 18, that would certainly put a dent in the bull case for a year end rally.
Komen:
also keep the gaps in mind on SPX both above and below
Komen:
by the end of today the hourly RSI is already quite low. I expect another high with more divergence tomorrow. Jobs numbers at 830 could spike it hard and give the divergence I'm looking for by open, in which case I would think the open sells.
Komen:
good morning, not much selling overnight. Hourly RSI still low, but it's possible we get a sell down after 830 numbers. However, it would probably be a buy, with the RSI even more oversold.
Komen:
if they can't get over the highs on futures, then the correction down is likely starting, -
Komen:
C wave possibly in progress. If they get over the last high they will probably get to 4550 area...
Komen:
one more push up still makes sense for today. IWM and DJT weak - sometimes a leading indicator. Some of the Mag 7 also quite weak today...
Komen:
this is how futures ended, with the pump at close. i think we'll pullback now but we'll have to see how the morning looks...
Komen:
good norming, no sell off, but we did have a rising wedge overnight. It just broke, any retest of it is an objective short possibility. Above the previous high and it will likely start squeezing higher - maybe to 4550, not usre just yet. Previous high overnight has not been taken out.
Komen:
closer view
Komen:
futures should go up to test the wedge, which means SPX cash should make one more high. However, IWM and DJT look like they may have topped already. I'll make a video about the divergences between indexes this weekend.
