Markets will open once again tomorrow for a shortened week, typically shorter weeks are deemed to be bullish. I’d favor an inside week if it were to be bullish at all. I’m currently a firm believer that the market is tapping out toward the highs and will begin to retrace in favor of seasonality and tax season.
We’ve seen Bezos go on and sell around 6 billion dollars in stock and other insiders sell towards the end of the last year, I’d be very surprised if we continue to chug upwards with no retracement..
I posted in the previous letter and on X that market breadth has become seemingly weak just like in July of 2023.
A huge difference right now compared to July is that the indices are at all-time highs and many participants may be feeling like it’s a great time to enter the markets now that stocks are moving healthier, while it’s an election year.
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