Upward drift in price action lacks volume, lacks conviction, lacks sustainability. We’re long overdue for a correction. The only thing the Bull has going for it, outside of a solid economic base underpinning its future, is its tendency to fuck the Bears over. Watch as key moving averages become entangled here. We may see a bit of sideways action this week. We’ll be ready for whichever way we bounce of this zone.
Strong earnings across industries continues to aid the confidence of Bulls. But it’s really the reaction to this data than the data itself that’s more significant in the short-term. Sure, we’ve seen a lot of rallying behind the narrative, but volume holds the real clues to where the funds are pushing.