S&P 500 back above 1.236(3686) fib & all other resistance lines

16 Des 2020

So much for that birthday dump I bet on yesterday. I got stopped out of my VXX and SQQQ by the end of the day yesterday. Well the S&P is back at it with another overnight pump and gap up this morning. This time it has broken the 1.236(3686) fib level from Feb high and the March low. It has also found itself above all the resistance lines that I have. The only good news for bears is that it is not an ATH, yet. The cRSI is looking overbought on all time frames, but past history shows that there is still more room to go. The NASDAQ was up all day and overnight also. So much for rotating out of tech and into the S&P on vaccine and stimulus. The bulls seem to be in full risk on mode in all indices. This bear is starting to run out of hope, but bears never say die. Still some tiny glimmer of hope this is just the market topping and the bulls putting up a good fight. Thursday is usually the big sell off day for the S&P, lets see what happens today and tomorrow.