S&P500 futures are higher to start todays session.
Boeing remains in focus, after the unfortunate crash earlier this week, headlines continue to flow, most with a decidedly negative bias. The stock, which bears the heaviest weighting for the DJIA, had a sharp recovery off a 10%+ decline on Monday, only to give most of that up yesterday. This morning the downside continues and it will likely remain a volatile trade until the dust settles.
Despite $BA weakness the market has rallied so far this week. It now sits right under long term resistance.
SPX - SP500 --->>>
While the most recent rejection at resistance put some doubt into my outlook for the market into the summer and later this year, this weeks reversal has washed that doubt away. I think this time it is different. And that the late 2018 rejections around the 2800 level are not what we are going to see in 2019. The price action remains a lot closer this time around, where as in 2019 the rejections brought a swift a longer lasting taste of downside.
The VIX continues to paint a picture of dwindling fear. This also bodes well for the upside scenario.
Again... the waiting is the hardest part.
However I still think its coming. What's coming? New record highs for the market. Let's see that break higher first. The more tests we see, the better the odds are we will finally break though.
Also keep in mind, we keep seeing more and more new highs to new lows each session. We were seeing the opposite in December and into the lows. Lower VIX, more new highs, and of course Central Banks that are putting their foot back down on the accelerator... all the ingredients for a move to record highs in medium term.