Looks flushy today. Which brings me back to a chart we have been following for a long time. Regular readers of this blog may recognize it. It’s the weekly $SPX chart tracking the weekly 50 moving average. Over the summer we noted how the $SPX was the most vertically disconnected from it ever.
Not so much anymore but all of market history has shown it to be a regularly visited magnet. Before QQ anyways. QE is ending after this month.
Well, maybe we’ll get a quick flush down to it. I’d be a buyer there: