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Well, we got the bearishness everyone was worried about.
It lasted about a day and a half.
The Bulls came back hard yesterday on increased hopes of a rate cut.
Here’s SPY:
Even after the pullback, SPY remains firmly above the 200-day moving average.
But if we look at sentiment, we’ve seen a change. The Fear & Greed Index has dropped a lot but is still in Greed territory:
And defensive names like Allstate (ALL) have been moving up as the worries have increased.
Here’s the chart:
It’s now above the 30-week average and is rising toward a breakout point. It didn’t break $209.88 several weeks ago.
If it moves above that point now, we could be off to the races.
We’ll keep an eye on it.
Happy trading,
Scott
