The bull party time continues. The SPX prints a new all-time record high at 3699.20 and new all-time closing high at 3699.12 both on Friday, 12/4/20. When stocks break lower, RTH will likely lead the way down, along with higher volatility, and perhaps lower utilities. AMZN, HD, WMT and other blue-chip bigshots are in this retail ETF. Thus, by default, AMZN is key going forward.
The RTH daily and weekly charts are cooked with neggie across all indicators across both time frames. It is amazing to see it holding on. Of course, like the rest of the market, traders await a fiscal stimulus bill that will shower America with more easy money to pump stocks higher.
Taking a look at the 2-hour chart to see when this puppy should roll over, it topped out last week on Tuesday. Looks like investors are waiting for House Leader Pelosi and Senate Leader McConnell to deliver sugar plums. They are promising progress but saying a lot of 'and this' and 'but that'. If ands and buts were candy and nuts, every day would be Christmas.
Stay on guard. Markets are on the cliff edge. Keystone is not in RTH long or short but if it was played it would be to short it going forward. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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