These runaway moves are characterized by mild corrections that all tend to fall within a similar range. During the move out of the March low every correction except July has been contained within a band of 25 to 60 S&P points.
The latest also has fallen in that range. Until we see something change and a much more significant correction the move is intact.
As a mater of fact the case can be made that we just put in a major intermediate low and much higher prices are in our future. (I did make that case in tonight's report)
So far this liquidity fueled rally is unfolding very similar to the last liquidity fueled rally out of the March 03 bottom.
Market Direction Change
2 weeks ago