He stated the following.. And then went into a diatribe about his political beliefs. Technically I fall under the same political views as the writer, but he fails to understand that it's almost impossible to separate political views from the trading/investing world. He's being disingenuousness, as I'm sure he's aware that in many cases politics in many areas move the markets.
I hate to split hairs, but technically politics facilitates what the chart is forecasting, as the chart can only reflect patterns that form in the ebb and flow of real world cycles...ie the large c&h for spy, of which, rate hikes and the subsequent pivot point facilitated its formation and completion. This is a perfect example of how you can't profit from the news....and where the phrase sell the news comes from because once the news hits the smart money is already in and probably looking to exit.
I'm surprised you're using a cup & handle to make your point, which I do agree with. I'll only add, what my mentor told me a long time ago, "When you're consistently profitable, YOU are the smart money".
Politics has nothing to do with markets. Politics is about what ought to be done for the best (which is why politics often leads to heated debates). What ought to be done for the best is irrelevant to markets. What is relevant to markets is what is already done (i.e., the current regulatory regime) and what might be done in the future (i.e., potential changes to the regulatory regime). The market does not care whether the potential changes to the regulatory regime is for the best. The market just factors in the impact.
Another slice of market data except ETF. A daily snapshot of trend life in days from a higher level view. ZYME, IIF, and DFP trend lasted for 30 days until Sep 30th. Just ride the trend and be a trend rider.
Fear & Greed Trader's Blog (investor's mindset) ---> uptrend, downtrend, un-trend/no-trend Trader's Blog (trader's mindset)
Which simply implies you are ignorant how political appointments affect the markets. There's tons of data to suggest otherwise of your opinion. Someone recently posted a chart of Election year vs Non elections years for the S&P 500. Please take a class on Economics 101 before you make such an ignorant statement, as every decision made by FOMC and the treasury dept is politically motivated. For your reading pleasure. https://arqwealth.com/how-is-the-stock-market-impacted-by-politics/