|can't beat the Chow Yun-fat|
The reason is the impulse wave the S&P 500 has drawn since the 2630 low around Thanksgiving (Full Moon). Is it the c-wave of a long-in-tooth wave 2 up? Or is it the initial leg of a larger five-wave structure to new all-time highs by EOY?
Northy thinks the Santa Rally hypothesis is very plausible here and very dangerous (to bears). The next two days of this week may clarify things: IMO bearish if the market runs higher, and bullish into Christmas if she pulls back sharply.
With POTUS 41 passing, Powell's testimony Wednesday now falls on a day with closed markets. This adds to the uncertainty.
|S&P 500 hourly|