Date With 10000?
The final phase of a bull market, as the adage goes, is “euphoria”. I am not in the camp that that emotion is upon us (AAII bulls are in the upper 20% reading, while bears are near 50%). But there are certainly concerns going forward for technology. We have spoke about the bearish candles, and the need to CLOSE above that 7/13 bearish engulfing at all time highs. It attempted that on 7/21, and reversed powerfully with a dark cloud cover to finish weak on the strongest daily volume in July so far. The tech heavy index recorded back to back declining weeks for the first time since the weeks ending 3/13-20, and has now CLOSED near lows for the WEEKLY range 4 of the last 7 weeks. Question now is the benchmark becoming well rested for another move higher, or is this the beginning of something more sinister? I think the answer will come from the groups that are being rotated into, if they can firm up, and not sink if the Nasdaq weighs. The line in the sand is the very round 10000 number going forward into the dog days of summer.