The SPX is now in short term blow off mode. It has broken above the well - defined 2016 - 17
price channel and is sharply elevated on the 14 day RSI. In recent sessions, there has been a
breakdown of long side trader discipline with folks simply chasing the market higher. On occasion,
this type of near mindless activity can end very badly in a shorter run context. SPX Daily
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!