While I was expecting the market to move to about 1515 for the last 9 months or so and subsequently to overthrow a bit to between 1525 and 1538, today’s enthusiasm was still on target yet intriguing due to the fact that my expectation was to see a pop today in the morning to complete a stop run that was setting up on Friday and then a reversal…though that pattern is still likely to soon be the result possibly tomorrow- today was not its day. To be sure, the High Yield corporate bonds are not endorsing bullish sentiment
(which further increased today) and moreover, sport volume patterns that look pretty unsympathetic too. So, it looks likely that market optimism may want a little more upside and then the expected rejection…more or less what I was looking for today…but did not happen.
