While the S&P 500 (above) seems to be tracing out a textbook rising bearish wedge with volume decreasing as the range converges many stocks look to move higher. I share a similar view on the market as
market observations. Mainly I will wait for volume but this rally feels like one last squeeze on the shorts and an opportunity to trap longs before the bear market sets in. I'm looking for an obvious double top in the SPY with some captulation at the highs. I don't expect the NASDAQ to make it that far. Some decent looking stocks that I would long while the market tries to follow through in the short term are TIE, CME and CAT.
While the S&P 500 (above) seems to be tracing out a textbook rising bearish wedge with volume decreasing as the range converges many stocks look to move higher. I share a similar view on the market as market observations. Mainly I will wait for volume but this rally feels like one last squeeze on the shorts and an opportunity to trap longs before the bear market sets in. I'm looking for an obvious double top in the SPY with some captulation at the highs. I don't expect the NASDAQ to make it that far. Some decent looking stocks that I would long while the market tries to follow through in the short term are TIE, CME and CAT.
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