There are lots of folks lamenting the end of the bull given the recent price performance of the market… and suggestions that George Soros is positioning himself for a move lower.
However, as this article and the charts below suggest, downside bets may be premature.
SP-500 Daily — a downside gap on the daily chart just below a new all-time high.
SP-500 Weekly — the weekly chart shows that we put in a bearish weekly candle, but there was not a great deal of price degradation yet
SP-500 Monthly — the monthly chart here shows the range that has held price for more than 2 years. It also shows that it’s lower prices that have been consistently rejected
SP-500 Quarterly — this quarterly chart shows the most clear indication that lower prices were rejected (and pretty forcefully) last quarter. Don’t be surprised if we turn and fly higher in the coming days
While higher looks like a foregone conclusion, it should be noted that several things are different versus previous attempts by Mr. Soros to get short… things like negative interest rates, worsening S&P earnings reports, and the softening of many trade partners like China.
Trade price within context… everything else is just noise.