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The sideways, worried price action of a few weeks ago seems long forgotten.
The market is at new highs and rate cuts are imminent.
The doom-and-gloom articles are still coming out daily, but the Bulls are running the show.
Here’s SPY:
It looks like the bullishness will continue.
Unless, of course, the Fed comes out with a rate-dropping plan that isn’t as generous as everyone hopes. There’s still a chance for the Bears to be right about this overheated market. But the Fed has to be seriously gloomy for this to happen.
If we look at sentiment, we see the optimism. The Fear & Greed Index is up from last week.
And an old fan favorite has been quietly sprinting toward a big breakout level.
Here’s the chart for Magnificent 7 stalwart Apple (AAPL):
AAPL stock has been down in the dumps most of the year. Many people moved on to other growth stories.
But the iPhone maker has been on fire for weeks, especially since August, and it’s charging toward new highs.
A break above $260.10 would eclipse the high set last year and could lead to another huge run.
We’ll keep an eye on it.
Happy trading,
Scott
