Melt up continues unabated.
I'm long at this stage but that could change fast.
Conducting some statistical technical research - measuring distances from major lows or highs to 200 MA I found an interesting pattern.
Major lows are found when price is roughly 21% away from 200MA
Major highs are found when price is roughly 14% away from 200 MA
If all things are equal where current distance to 200MA is ~9% the melt up will continue for a little bit more.
This ties in well with SPX constituents trading above 50 MA and we are approaching the red hot zone but not quite there yet.
We could also see this interlink with the fear greed index hitting extreme greed range
Now wouldn't it be something if all things come together.
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