The market is making a double top scream the bears. This is the latest doomsday prediction from the bears. Again the permabears are letting their bias control their decision making process. Lets look back at the last couple of double tops and you will notice they encompassed a much longer time span than the one week decline we experienced. No the odds are in favor of the market just needed a little rest and used the interest rate spike as an excuse to take that rest. The chances are much greater that we move through the old highs than make a double top and fall from here. Which is not to say that it can't happen just that your chances of shorting the market here for a double top aren't nearly as good as staying long per the COT bias.
And yes I know I left out the o in "double" on the chart. I'm just too damn lazy to go back and change it :)
Market Direction Change
2 weeks ago