For the one or two equity bears left out there, man, what a disappointment we’ve had over the past couple of weeks. Right at the moment it seemed things were breaking down, whoosh, everything reverses course.
This honestly feels like an environment in which you can drop a hammer, and the hammer will simply float in mid-air. Nothing is natural anymore. Breakdowns don’t break down. They are simply defied.
More broadly than the Dow Industrials, you can see the Dow Composite as a whole has broken above its wedge.
At least the NASDAQ still has a fighting chance of weakening.
You can see that not just in the NASDAQ Composite, above, but also the NASDAQ 100, below.
The S&P 500 hit a new lifetime high on Thursday and scored a new closing higher as well. In short, seven trading days in a row were seized by the bulls.
Just about the only sector left that I think has genuine potential to fall in the near-term is oil and gas.
Here is the same chart, this time with Bollinger® Bands.
And, finally, with the Williams %R Indicator.
In a market like this, the bearish set just doesn’t have a prayer. Even the smallest sign of market weakness or increasing volatility gets smothered in its crib. This has gone way beyond ridiculous. It has been literally 12 solid years of nonstop intervention, and the results speak for themselves.
Here's the VIX:
