Everyone is worried about the stock market.
No one knows why it’s going up.
And we’re heading toward a typically bearish part of the year. August is usually pretty bad.
Here’s SPY:
It’s still sitting stubbornly above the 200-day moving average and is going up again.
If we weren’t worried, we’d be bullish.
And if we look at sentiment, the feeling is still full speed ahead. The Fear & Greed Index has dropped slightly but is in extreme greed territory:
And banks have been on a tear. Bank of America (BAC) has been no different.
Here’s the chart:
It broke above a trigger line a few weeks ago but went sideways.
A new move above $49.31 could be the trigger that leads to a big run.
We’ll keep an eye on it.
Happy trading,
Scott
