SMC Update Week Ending 6-2-23 Recorded 6-4-23

fast3777 said:

Japan so far has reversed lower. If impulsing,then you will have what I call a unification wave to the down side as the bull market since the Depression low is finally over. Many stocks made their historical tops in this B wave higher. We do need confirmation though as we could always loop higher,but I think it is finished.

generally, when an index makes a ? 38 year high, i would say it NEVER goes straight down. Tops take a while and to even say Japan is peaking is just nothing but an opinion. No facts/data really behind statement

szulc2639 said:

fast3777 said:

szulc2639 said:

Notice when the CMT Symposium in NYC occurred 4/26-4/28, featuring some of the most bearish and widely followed gurus in the industry i.e. Prechter, Eliades etc., the markets put in a bottom on 4/26 then took out the low by a fraction on 5/4 as if to give some tidbit of meat for the bears to feed on, that 5/4 low was an island bottom, a bullish formation, followed by another island bottom on 5/24. Was the timing of the low in conjunction with the CMT event a mere coincidence? I think not, the event and various free YouTube videos brought in many to the wrong side of the market to have their pockets picked.

In the land of the blind, the one eyed man is King. This is the most fractured market in history. Today's action is extremely bearish.

Oh ye soothsayer very cryptic response! It may be bearish in the end, a B wave top is nigh but may need further upside to complete, until then the pattern is incomplete unless certain levels are broken. Note that Fear/Greed at a multi-month high today 74, Put/Call ratio (PCC) hovering slightly above 6/2's low .654 @ .754, lowest reading in months showing bears capitulated and overall complacency, the VIX in the UVXY etf at an all-time low today 2.55. Blind I am not, my eyes are wide open.

lol

Let me help you( i may have mentioned this before at least 8 times over 7 months).THIS IS NOT the 2007-09 bear market. That was a world wide credit, once in 24-30 years event. May not even happen like that again. EVERY financial institution was in deep illiquidity crunch, like maybe never seen in that size before. Period, end of comparison. SPX trades 19x earnings, banks barely 1.0 book value. the VIX as you know or maybe not is WORTH LESS every single day, due to structure of product. You are the salmon swimming upstream on some outdated points. WHAT would be helpful is ; show us your actual cycle patterns. Not twitter level analogues. Do you think , if you keep saying , "this NDX 14620 level" is the top, that it is any different than when you said it at 11,200,12,220,13,220? where is your intellectual honesty in this rally?

also, how about a level that IF WE BREAK on downside, it could be a signal. to say " only another 100(went up more) OR only another 200" is just not really helpful, tbh. Will be interesting to see how this monstrous rally has or will affect your vision of the market going forward. my bet is you will be super guarded about saying inserting too much negativity on way down( whenever the inevitable gap fill of NDX 13600 and below 12800 happens)

When market goes down, it goes down so little. When market rallies, it rallies big. Look at the vix. Can’t even go over 15. Come on man it’s a bull. I bet we go up big again tomorrow

Well UNH United Health Care is in wave 3 of 3 which typically is the most powerful wave,in this case to the downside. Bitcoin has been tied to the market by the computer geniuses and will be their disaster of their own making.