We had a pullback after hours yesterday, but I don't' think it will hold. I think it gets retraced back up today as we are still missing one more higher high. After that we should see a sharp drop that last 1-2 days before another move back up later next week. The bigger drop isn't here yet but we should start seeing some one day wonder drops as the bulls get weakened. Nothing more to add, so I'll end this update here.
Have a great weekend.
I saw some clips from Jaws recently. When the shark makes a run at the boat, they yell, “He’s 20 yards out, 25.” ie 2025′ There’s also a billboard in the film mentioning the 50 year anniversary regatta, July 4-10th.
It is the 50 year anniversay of the Jaws release in 2025 and it has been getting a little fanfare.
I think we’re getting close to a top. We need one more pop, particularly in $nymo. Most of my exhaustion indicators are getting exhausted other than weekly SP500.
There is a chance that this could be a 16 week rally to match wave 1? off the October 2022 low but there was a steep drop in the last few weeks of the rally before a final high.
I do think we should have a small pullback soon, but not a good one (7-8%) until sometime in August. Many people are looking for the CPI tomorrow to tank the market but I doubt if we see more then 1-2%, and then back up.