-Bill Ackman
More new highs today and only the Russell didn’t make more new highs. The Dow tagged 2300 (intraday) today and backed off slightly to close at 22,997.
2300 is a big fat round number, so there will some that say sellers come out of the woodwork at these numbers, but don’t believe that until you see that.
As a matter of fact, I am kind of loving this SPX setup. Many don’t look at this indicator, but whenever the MACD sets up like it is in the chart below, it usually means higher prices.
Whenever you see the blue line separate from the white line, then softly touch down and tag the white line, it usually portends good thing to come. This happened back on 9/27 and we have seen a nice move up ever since.
This setup works beautifully for any stock or etf by the way.
Biotech was flat today as it is still trying to shake off Trump’s “prices are too high” comments from yesterday.
BLUE had a rip-roaring day yesterday and consolidated today at big lateral resistance.
This is the level it failed at back on 9/29, so hopefully, it can blast through this time.
Fun fact……. The Russell 2000 is now trading at 100X earnings. That’s a little unsettling, but as you know, things can stay overbought.
See you in the morning.