I'm really not sure what is more humorous, my ability to create a chart, or Trump saying "We'll know if we have a trade deal within four weeks". We've been WEEKS away from a trade deal for MONTHS! If China has it their way, we'll be weeks away from a trade deal in November 2020. Why do people keep buying into this like it's new news? Regardless, people keep buying into it like the only problem in the world is a China-U.S. trade war.
A lot of people see a rising wedge, myself included, but you best believe we are going to test that 280 pivot again either way. Which would actually have us testing the channel rather than the wedge. Then one last bounce up to all time highs, where we double top and reverse from there. We could also break the wedge, retest it, and reverse. The thought of people continuing to buy into the market as hot as it is right now, blows my mind. I wouldn't be surprised to see a pretty big reversal to the downside anytime now but....
What IF we were to actually get a trade deal or no deal four weeks from now? Interestingly enough, that puts us right around the time we would be testing all time highs bouncing off the top of the channel or when we hit an apex point in the rising wedge if we continue to trade in that range.
What happens when Apple goes into earnings up 20% over the last month due to very good earnings EXPECTED? What direction does the stock go even when that earnings report blows estimates out of the water, BUT one little number "disappoints"? Take Apple out of this scenario and put in Trade Deal...
IM With you buddy im buying july OTM PUTS APPL 170 ARE REALLY CHEAP, if you were on feb, and october you understand how markets is a ponzi scheme, they manipulate index funds with fang and short vix, is 12, not even earnings yet, is like the last rally buddy, trust your gut, these could be the trade of the century going short spy bubble.