[VIDEO] Are S&Ps about to pullback?
Joe Perry February 11, 2021 7:30 PM
Traders have to ask themselves: Can things get better?
The S&P 500 is at or near all-time highs. And why not? With no inflation, dovish comments from Fed Chairman Powell regarding monetary stimulus and a $1.9 trillion federal stimulus package making its way through congress, markets are flooded with cash. But stock index traders have to ask themselves; can things get better?
The large cap index has broken out of the top of an ascending channel only to fail to continue higher. Usually when price fails to break higher out of one side of a pattern, if often tests the other side.
Note is that price traded in a consolidated pattern in February 2020 between the 10th and the 20th to all-time highs, before the 35% selloff culminating with the lows on March 23rd!
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