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If I look at a chart of the S&P, I see a downward slanting
channeling pattern from MARCH until now with a breakout above the
upper trendline. Same is true for the Dow and the DIA and DJI.
It had appeared to me to be in a sideways channeling trend with lower lows
and lower highs which was short term bearish overall. However, in the
past several days we have a price breakout but on slowing volume which I
now see as a bearish short term tendency.
Additionally, my highly defensive portfolio was hitting new highs even as
I increased cash...which I found unusual.
My point is that I believe there will be a rally suspension with a dip and
then a ride higher. This is a strange market to me.
Sincerely,
John
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