A Willie Mays Hayes Market

Bulls certainly deserve credit for style points, in terms of the multiple shakeouts we have seen, heretofore, in a seemingly endless range on the indices for years. 

And, yet, the S&P 500 Index is within a tick or two of all-time highs from last summer as I write this.

Beyond that, an perhaps of more significance, we have an increasing amount of actionable long setups which I will flesh out full for Members over the weekend in a long video. 

Despite carnage in the likes of JUNO KITE, biotech is still roaring higher as a group. And despite some terrible news headlines this week, the market remains unperturbed amid the Japanese Yen, Treasuries, and gold all flashing green today. 

On the SPY monthly chart, below, you can plainly see the massive range threatening to resolve higher, which means we need to do our homework fully, regardless of the actual outcome. 

Bulls may not have handled this market by-the-book, in terms of a plethora of divergences and sloppy patterns in many key leaders and sectors for a good while. But when they are this resilient, making Willie Mays Hayes-esque basket catches off the Brexit Limit Down move in the futures, I am going to respect them and be ready to increase long exposure as necessary--At a minimum not go down as a martyr for the skeptical camp. 

Have a great weekend, and I will see Members for a thorough Video Strategy Session on Sunday.