With all the talk this year about the market being a dead cat bounce and returning to test the December lows is over. The SPX has closed at a new all time high with the intraday high just above at 2940ish. The NDX has been making new highs lately almost daily it seems. The IWM is catching up but still lagging. So now it gets interesting.. the bears are blown up… bulls are proven right so whats next.. this is why I say now its interesting. My thinking is that we get that panic buy are rush to new highs 3100 is my target, but along the way there are 1-2 day scares with increased volatility.
Its like the market has just showed its cards so we know whats ahead. Now, we need to take each set up as they happen and see where it takes us.
Hopefully, this leads to larger moves rather than this slow chop that we have been seeing.