Note last week’s price action coming up to 2009 a stone’s throw away from the 2017 closing high thus far this year. The SPX came up and pierced up through the important 200 EMA on the 60-minute chart at 1934 seven days ago signaling a bull market for the hours an days ahead and the stock market never looked back.
As shown in the charts from a couple-three days ago, the NYMO is at multi-year highs above one hundo. The CPC and CPCE put/calls are at uber lows indicating rampant market complacency (traders are buying stocks without fear or worry). These indications suggest that a strong flush lower in stocks is very likely to begin at anytime, however, the overall bullish uptrend may continue (on a weekly basis) depending on how severe the selloff. What may happen is a drastic flush lower this week but it may be a short-lived event, a couple days, maybe 3 or 4 days then boom, a vertical spike recovery back to current levels.
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