In the interest of disclosure, I went to cash in my largest account on July 16th after a small ( 1% ) gain in Cdn equities ( because CDN$ was rallying on interest rate news ). My gut says US stocks are going higher this year but short term direction seems unclear now might become clearer by July 31.
We are putting in a double top with huge RSI divergence. I say a little relief drop at least is in order...
Yeah we’ve seen this “double top” movie a few times now. Given that the trend is eleven years old now - the corrections are short lived to date.
If only we could have known that as far back as June 22 or so ... that would have been worth 100 points on the ES!
Follow up, given market action yesterday I moved my remaining funds in US equities to a bond fund yesterday ( not perfect timing but banked another 2.5% in July on this money ). Zero equity exposure at this time.