After the failure of what could've been the most anticipated/watched sHs formation, it seems as though we're seeing the development of a broadening formation.
Is this a broadening TOP? It's hard to say here, especially in light of all of the upside juice being provided by earnings management, and timely upside market forecasts being provided by GS.
I'm still baffled as to how exactly the market can continue to rally in light of a multi-month negative volume divergence and lack of corporate revenues.
I dont expect this rally to hold on for much longer. We should see a retracement to the downside once retail figures next month show lack of bullishness. Ppl just dont have the income to drive it where its needed. Seems alot of people are getting mesmerized by these corp. earnings calls and creating hype to pump up the market when the fundamentals still show otherwise.
Then again, I dont really try to look that far into the future since im a short term/scalp trader.