RE: Wild ride....Interesting day. Financials peaked in the morning but the S&P was relatively stronger later in the day and made a double top today. This can only mean one of two things:
1. Either the rally is over today as financials need to lead the rest of the market. Financials will likely top first.
or
2. The financials did lead yesterday and needed to consolidate today before running up the next leg higher.
I realize this isn't much help short term, but I wanted to lay out the possible scenarios. As I keep saying calling the exact top right now in the mkt is a trivial exercise as the big picture is what needs to be focussed on.
A potential bearish evening star pattern set up on $rifin daily, but of course needs confirmation.
https://www.thepatternsite.com/EveningStar.html
The market is acting very irrational now, everyone was bearish just a few days ago, now everyone is bullish!!! To me that kind of mentality may allow for a further rally, but it is very very bearish. The reason is that if all traders are bullish they will take their long positions, and then the sideline cash is used up. There will then be no support for the market, and once traders realize the mkt is starting to fall off, the herd will all try to sell at the same time.
Calling the top exactly here is difficult, but the one thing I am totally confident about is that the market is days away from topping (if it has not already topped) and it will collapse hard next.
SC