EWI people mentioned over the years many times that by the end of the Bear market CNBC will be either totally different, or out of business. Interesting that that they are announcing the change not during a decline, but during a rally.
Took a look (at this strange hour) at the hourly charts of SPX/NDX. The advance off Friday's lows, undoubtedly, has "impulsivity". The question is, is it a C of a Flat, or (part or all of) a "sharp" correction - or, a start of a new move up.
Indeed, how the indices deal with Tuesday's HOD will likely be the key. If SPX moves further up, the (hourly) chart will begin to look like yet another "Broadening Formation". Others over the recent months resolved to the upside. Another upside swing should project to 1080 or so, maybe a little lower, depending how long it would last. I don't have any strong opinions, just speculating.
As per usual, "the pullback will tell the story"... -g. |
