I can’t pretend to be the least bit surprised at the market’s continued strength. Part of the “fresh perspective” that SlopeCharts has given me is access to a bunch of worldwide indexes I had never been able to look at before, and they are so unanimously bullish, there is no reason at all to be beating the desk about how the world is going to end.
Indeed, the “Trump slump” that hit us 15 days ago (remember Comey and how that actually mattered for a few hours?) did one thing and one thing only: successful tested the blue trendline’s role as support, whereas it had been resistance beforehand. The morning after the Trump slump, WHOOSH, it was off to lifetime highs yet again.
ES Chart
The last thin reed the remaining bears (if I dare use the plural) have is the Fibonacci extension, which is a little more than 50 points away from present S&P 500 price levels. We may simply keep grinding higher, little by little, until that is reached.
