S&P 500 (SPY) ends this month and this week today with a bullish note as it marches to, another, new all-time high. Can it really go higher at this level? Yes. People who thought this was up too much in January thinking the same thing today after 9 months later-heck, the people who thought this was up too much in 2014 thinking the same thing today 3 years later. I believe the market will see a strong finish this year with one more correction (little steeper than what we’ve seen this summer) before the year end.
So what to expect next few weeks? I explain more on this in the video below.
The star of the show was the Small-Caps as it does the ‘unthinkable.’ It has been bound by this channel for 8 months before the “bottom fell out” (see red circle) in the mid-August as the traders flee small-caps in fear. Well, we all know what happened, as it shocked the traders as it is now well-above the new all-time high and pretty much V-shaped higher without any significant retracement for a whole month and half.
So what now? I explain more on this on the video below.
Covered: SPY IWM QQQ XLF, C INTC AAPL, XLE GLD