I essentially agree with you nickoo, the market is running on empty. However as you also point out there is extreme bullish sentiment and an awful lot of money sloshing around, and it's notable that bad news is being ignored. All these things suggest that the direction of least resistance is still up.
On the other hand reality could bite as early as tonight but don't forget the Nasdaq went from 3000 to 5000+ on sheer fantasy and rabid bullishness. 2000+ on this leg up isn't out of the question.
However as to whether the dow/s&p/nasdaq eventually take out their recent lows, well 400 years of history says yes, definitely.
### very near a top ### imho :), page-13
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Last
$4.83 |
Change
-0.030(0.62%) |
Mkt cap ! $3.243B | |||
| Open | High | Low | Value | Volume |
| $4.86 | $4.86 | $4.82 | $1.923M | 397.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 803 | $4.82 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.83 | 1262 | 1 |
View Market Depth
| Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
| DOW (ASX) Chart |