It’s the carrot in front of the horses mouth. $SPY ATH’s continue to trap, as the boys set the trap near highs. Currently, the ETF is its PM lows in the midday session.
Have you realized that the latest ATH printed in $SPY, has been the 27th new high. What is the Street trying to say? It’s fair to assume, the comeback has been so much sweeter than the setback of early 2020 – as far as the market is concerned.
Many things have definitely changed in all four corners of the world, and will most likely remain permanently different. As far as the market is concerned, retail has most definitely made a mark on those claiming the title of ‘Smart Money’. What has occurred from retail this year, has never been seen before.
On the crypto front, the recent Miami Bitcoin conference came at a much need time. Since the recent bloodbath in BTC, the space needed some “positive” news – be it a conference in the Sunshine State. But of course, COVID had to make the headlines attached to the gathering, as reports of increased cases are coming from the attendees – shocker!
With that said, let the ATH chop session settle down – round 2 is coming.
$SPY 423.59 -0.03 (-0.01%)
$QQQ 340.61 +0.26 (+0.08%)
Information Technology +0.33%
Consumer Discretionary +0.18%
Communication Services -0.18%
Consumer Staples -0.26%
Real Estate -1.01%
Health Care -1.09%