I'm on the fence

S&P is right on an important inflection point: a place it often commits a suicidal kiss. I made a few such calls before and if you have forgot what it means, you may review here.


Now see the chart below for the past 6 months. S&P did a suicidal kiss back in May and now it is eerily showing a very similar pattern and looks like on the verge to do this death kiss again. But I'm kind on the fence this time. Yes, I won't be surprised to see it go down straight from here as the TA is quite bearish. But on the other hand, the market sentiment has been extremely depressing just a week ago and is still far from over euphoria that we often see before a big correction. With that I'm kind of more bullish than bearish for the near term. I'm thinking it is more likely the market may want to go higher a little bit first to drive up the overall sentiment before next leg down. The bottom line is the market is at a neutral position and can easily go either way. Just toss a coin if you have to bet for one direction but I'm more for the upside for now.