This serves as a recap for myself and is not to be viewed as any kind of trade suggestion. All views expressed are my own.
Keeping it short and sweet today. Price broke out above the prior ATH and closed above that level too.
Friday was interesting with a midday news induced sell-off that was somewhat fast and deep, but price was nonetheless able to fully reverse the dip and almost got back to the high made in the morning. This is a show of force by the bulls.
Now on the daily, price closed still with a decent bull body but had wicks on both sides. It is currently in an up trend with consecutive higher highs and higher lows. Note also how price recently just tested the 21 EMA on the daily and promptly bounced off of it. This increased confidence that the current rally can continue for a while.
However, there is the risk that Trump now sees the stock market as clear of risks and start to push out some more narratives. Judging by the market’s action on Friday, TACO appears to still be on the menu.
My bias will be higher until price fails to make another higher high or higher low, and will be more cautious if price somehow closes below the prior ATH level, currently at around 6150 for the SPX.
The Ephemeral Tourist
June 29. 2025 @ 11:59pm CST
The Ephemeral Tourist 