E-Mini SP500 Record Highs Update

The majority are so used to having their bull market, that they have become numb or oblivious to the fact, that after record breaking highs, we will eventually get record breaking lows. This June mini contract has refused to die even after some very impressive crashes. 

We are definitely at world record highs, and they are very choppy patterns that fit better as diagonal waves, where only small impulse waves show up. This is the type of market we are dealing with, and no amount of fundamental reasoning will make them  suddenly disappear, and turn into perfect impulse waves.  Important jobs reports are coming out, so this can always send the crowd into a mini panic. 

We cannot rely on any small move down, as this market needs to show us a much bigger and longer decline, to help confirm that a new bearish trend has started. 

The VIX  is also starting to wake up, but it has several open gaps below it still has to deal with.   Any flash move to the downside could close these gaps, but in the long run, it is not critical that they are closed off.  We have just as many open gaps above present VIX prices so the “magnetic pull” is canceled out somewhat.  

I have a very bearish outlook, but exactly when this market will start reflecting it, is still a crap shoot. 

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