Things are going swimmingly well and the bulls are getting everything they could ask for.
Earnings so far have been supportive and there hasn’t been any unexpected headline risk to derail the bull train.
The price action is decidedly bullish.
As I mentioned in the Weekly Outlook Video, we wanted to watch and see how VXXB broke outside of the outside inside pattern on the daily chart.
It broke to the downside on Monday and now you’ll want to see if it continues to trend down.
SPY went outside bar and down to end the previous week but as I said if the buyers stepped in and took out Thursday’s highs, last week’s highs would be in play.
At the time of this writing, SPY is just under .5% away from all-time highs.
Finally, I mentioned watching IWM to see how buyers dealt with last week’s outside bar and down.
On Monday we had more selling but as soon as the price returned back into Thursday’s range then there was the possibility for a reversal and sure enough, we have IWM trying to play catch up with the other indices although it still sits about 9% from all-time highs.
Sit back now and wait for those all-time highs.