There’s quite a bit of short-term upside momentum present. If a top forms now, it will need to be a spike-type reversal. Now my general observation is to expect spike lows and rounded tops in bull markets, and spike tops and rounded lows in bear markets.
A spike top now will benefit the bears as it helps confirm the nature of the larger trend.
click chart to enlarge
Let’s see if a spike top forms over the next two days.
click chart to enlarge
click chart to enlarge
click chart to enlarge
The bullish argument for stocks is that the oil Solunar Model is right and we get two more weeks of crude oil rally.