Those of you who have been following the current story line of the market as narrated by Zenolytics have become very familiar with our obsession with the 2910 level. In fact, the 2910 level was being discussed as the ultimate upside target for this rally one hundred S&P 500 points ago on June 5th, in a posting titled S&P 500 Target For The Current Bullish Momentum Coming Into Focus.
Point being that S&P 500 2910 has been in the crosshairs since this rally kicked off last week. As the market decided it would fulfill whatever nefarious desires it has here via a gap up this morning to further trap those Johnny Come Lately Bulls who missed last week's bottom, the 2910 level on the S&P 500 became the high for today. More than likely, this will be the high for this week, as well.
Buying when it feels good to buy never works. Buying this morning felt good after the perceived safety of what everyone now realizes was a bottom last week after endless headlines of " best week of the year" are being plastered all over the financial news media. Not good enough.
While we are not experiencing outright greed here, over the very short-term there is a bit of FOMO taking place in equities. The markets will resolve this through the forced evacuation of long positions via a death defying dance further made vibrant through a negative news cycle that will be curve fitted to the weakness we experience this week.
This forced evacuation will in all likelihood occupy the reminder of this week. If you're looking to buy, the buy window may reopen again next week. For the time being, short positions or sidelines remain the most prudent avenue for the short-term minded among us.
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