So what about these charts? We have an interesting divergence working. The Nasdaq hit a new high after the Fed while the Dow and S&P 500 did not. The Nasdaq made a new high by 82 cents. But as you can see, the SPX is responding to 620 hours of this move off the November low. This is also the 89-90-day window off that November low and it’s on the front end of the seasonal change point. It’s very possible a change has already started. If the stock market does not correct given these important cycle points clustered with the Investors Intelligence report we are really dealing with a runaway train.
U.S. stocks were mostly higher on Wednesday, with investors counting down to the conclusion of the Federal Reserve's two-day meeting, where the central bank is widely expected to raise rates for the first time this year.
U.S. stocks looked set to open marginally lower on Tuesday as investors fixed their sights on the outcome of a meeting where the Federal Reserve is widely expected to raise interest rates for the first time this year.
U.S. stocks rose on Friday amid broad-based gains as a stellar job report underscored the strength of the economy, potentially giving the Federal Reserve enough ammunition to raise interest rates next week.
After Trump's speech, this pattern on the Dow chart built a skyscraper and I have to admit seeing a failed wedge followed by a parabolic spike had me thinking of the potential of a real bubble. Is it a bubble or is it a blow-off top?