Are you going to
challenge the all time high soon (for S&P)? It is very tempting to say that
as we are only less than 30 points away from the old high (around 2887 I
believe) in Jan of this year. Also I have been talking about new highs this year
several times in the past couple of months. So why not to applaud for this possible
new high soon to confirm my prediction? Well, you may already guess what I’m
going to say. Indeed, not too soon to get excited and we may likely see another
firework to the downside any day now!😩
The market sentiment is
simply too complacent and even euphoric with the volatility touching new lows
not seen since Feb and it is also sending another warning signal that it is
ready to jump any time. While making specific prediction is always dangerous, I’m
willing to bet that S&P may close below 2840 by end of this week before
challenging new highs. If the firework plays out more violently, we may even
see S&P below 2800 before marching onto to new highs in the next few weeks.
As always, no guarantee and I could be wrong but
I’m confident for the call!😉
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