The bears are going to have to endure more pain for a while yet, according to the big end of town. COT report showing big boys(red line) are fast liquidating longs or booking profits but are still significantly net long. Until they are net short I cant see the market reversing well after that happens. This could take months.... And all the talk on here that retail are all long is far from the truth (green line). They are fast entering but still way off from overcommitting.
The other point to note is the low volume that is being traded on this recent uptrend. Most seem to think this is a bearish sign when in fact its the opposite. Its an indication of low volatility (which trends love) and agreement by market participants on the direction of prices.
You only have to look below on the S&P for the last few years to see this.
IMO 4800 on the S&P is well within reach with 4533 being the major hurdle(78.6 fib retracement)
The bears are going to have to endure more pain for a while yet,...
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Last
7,814.4 |
Change
-66.900(0.85%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,881.3 | 7,885.1 | 7,810.3 |
| XJO (ASX) Chart |