The Daily and Weekly MACD are positive.
We're above almost every moving average there is.
The 200-day is up trending and we're above it.
Cumulative breadth is positive. Tick is positive. Most sentiment is neutral.
If you're short for more than a day trade, why and what would make you say you're wrong?
When many of the market measures register extremes, a pause to refresh is the normal market reaction, if another sustainable leg was due. But for some reason, this market seems to be in a hurry to reach the moon. We all know how this ends, when the masses realize at the same time, that we are not (or we cannot) going up. Market is already showing price exhaustion, but the bullish paticipants are not. This could all end pretty badly.
This market actually has not reached the performance of just the first leg of the 75-76 bull market. Not that this market will end up replicating that market necessarily. But that market is just one example of a market which did not "end pretty badly".
Go back and look at the '82 bull market....no 10% corrections for something like 14 months.
I hear $73 in earnings is possible next year in the SP500. What multiple should be placed on those earnings?
We can all sit over a few beers and argue, as to how this is 70s , 1929, 1982...., while it may be none of that. Anyway, i beleive based on my indicators that we are due for a correction and that's how i will be playing it right or wrong.