Let's just cut to the chase shall we.
Earlier this week, much like I said in August when the market was in "Turmoil" the stock market was ready for fresh record highs. I even mused they would come quicker than most anyone would expect.
And here we go again.
This morning S&P500 futures came within a few points of tapping fresh new highs. Imagine that. We've had so many excuses to sell, how could this be happening?
After the break over $SPY $294, the market has grinded its way higher, putting the key $304 level in focus for SPY. Thats the dreaded megaphone top trendline. Of which we will likely meet heavy resistance.
I think the odds of getting there, possibly as soon as today, are very good. From there a break higher will negate yet another bearish formation.