S&P 500 Breaking Out
Kay Kim | Feb 09, 2017 12:50PM ET
S&P 500 is breaking out as we are now clearing well-above the recent resistance (blue dotted).
As long as this market stays above "20EMA" benefit-of-the-doubt goes to the buyers in the minor-term.
Why keeps on moving higher without steeper corrections?
Because everyone is looking for "correction", those who have missed out the move since the early November.
Most traders who were left behind are either shorting and/or waiting for this market to pullback about 5%, that's precisely why this market isn't correcting.
This market knows how to fool the majority.
We didn't crash in 2016, because everyone was looking for the crash.
We are not getting steeper corrections now because everyone is looking for one.
We will finally see a 5-8% correction, when, finally, majority of the people are tired of waiting and start to buy-brutal place, I know, but that's the market we are dealing with everyday.
I think we may see a bullish run until beginning of the summer (of course with ups-and-downs).
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