This Bull Market Indicator For Stocks Hasn't Been Wrong in 67 Years

First off: Friday the $SPX was pumped above the 4300 level, and allowed to back test that breakout point, so it's no surprise to see futures higher this Monday morning.  

$SPX/ #Nasdaq Futures higher as predicted. #Tech #Stocks https://t.co/88XUyOl6DP

— Veteran Market Timer (@3Xtraders) June 11, 2023

Here I am making that call, around lunch time:

Tech stocks snap back as predicted an hour ago pic.twitter.com/PSJARwNd2p

— Veteran Market Timer (@3Xtraders) June 9, 2023

If nothing else, it's awesome to see markets still trading on technicals, even on a 5 min chart. 

The Fake News  

Ahead of Friday's opening bell, It was actually being widely reported that the $SPX had broken out above the 4300 level - even before it happened - so that was obviously the goal of the kleptocrats (the criminal cartel that runs this market).  

I was watching CNBC at Friday's open, and they were reporting that Oil was "edging higher", when it really wasn't. I was watching oil at the time. They must think investors are stupid!

Speaking of Oil. 

Goldman Sachs lowers it's Brent Crude Forecast; an equally meaningless news report, as Oil trades into a bullish inverted H&S pattern. 

 

Of course they (the rats in the financial lame stream media) are also reporting a new bull market, which - as I explained last week - is only a fancy sounding term for a 20% rally. Again, how dumb must they think the average investor is? 

What's funny is the market had already rallied 20% back in January (when the $SPX rallied to 4195), yet they didn't get much of a chance to report on that "bull market". 

I'm not sure if all this (smoke & mirrors reporting ) is supposed to help the democrats in the next election, or what the real purpose is... possibly just to keep the population in the dark for as long as possible, before the final collapse.... and the end of the $US Dollar - something else they love reporting. I suppose it's just a matter of time.... since they talk about it so much, and since the globalists are pushing for a cashless society. 

Could just be a cyclical rally as we head into the summer. Let's hope so. 

More Phony Headlines 

This Bull Market Indicator Hasn't Been Wrong in 67 Years, and It Has a Clear Message for Where Stocks Head Next motleyfool.com 

According to Ryan Detrick, chief market strategist at Carson Group, who's been pounding the table on the upside for equities since 2023 began, this is very good news for stocks.

 

This won't make the perma🐻, M2, and yield curve inversion crowds very happy, but oh well.

Once stocks are >20% off bear lows (currently 19.7% above Oct '22 lows) did you know a yr later stocks have never been lower?

Up 28.2% on avg and 6 mo returns are solid as well.

🐂🎯 pic.twitter.com/3SJ6nC9xWN

— Ryan Detrick, CMT (@RyanDetrick) June 4, 2023

Back to the charts: 

Sure the $SPX has broken out, and with the 4th of July only a couple more weeks away, we can expect more short covering... 

Even though the $SPX is constantly manipulated, the broader market itself is not overbought. 

$NYSE (New York Stock Exchange) breaks out 

One thing I found disturbing when I went to pull up some charts this morning, is that I can no longer chart the Wilshire 5000. 

All those charts are missing 

The $VIX touched 13.50 on Friday, before bouncing out of the hole. 

I would expect the $VIX to continue to be hammered down below the 20 level for the foreseeable future, BUT just as the bulls get complacent the $VIX will start working again, just as it always does. 

Until then, take care, AA 

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