There are a host of countervailing reasons to expect equities to end the year higher. This is only one data point, and the sample size is small. Nonetheless, a heads up is warranted.
In an addendum, we look at consecutive opens and closes above the upper Bollinger Band (there were 3 in a row this week). The message is the same: when SPY was not breaking out of a base, these instances have often been followed by at least temporary buyer exhaustion.
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Today, SPX, COMPQ, NDX, NYSE, DJIA and RUT all made new all time highs (ATHs). The dominant trend remains higher. Enlarge any image by clicking on it.