Bear-Market Rally Meme Spreads
A few days ago, I posted about how I thought the S&P 500 was in a bear-market rally featuring a “rising wedge” pattern similar to the one that occurred during the last bear market seven years ago.
This morning, I saw my analysis parroted on a major financial website. So, the meme is spreading fast, and traders are beginning to doubt this rally.
The S&P 500 is also struggling to regain and hold the 1400 level. The longer this struggle continues, the bolder the shorts will become.
I was hoping for the market to spike up once more so that I could add to my short positions, but I don’t think it is going to happen.
