The bears have lost themselves and their chance to drive this market lower yet again. 

The market has been on a three week rally and when it couldn’t find enough momentum to push SPX to new all-time highs, it gapped above them instead on a Sunday night. Now, the market is officially back in uncharted territory. Like we saw back in July when SPX previous hit new all-time highs, it did so on little to no volume, and ultimately sold off later that month and into August. 

We could easily see the same thing happen again here. I still have a gold position that I am holding on to, because the technicals on it have turned bullish again, and may see another breakout once again. SPY candles on the daily the past two days – not all that great – I’m not a fan to say the least. I’ve taken a very light portfolio to the long side with the market, I’ve added one additional oversold bounce play to the portfolio that I think can weather the market storms quite well if the bulls were to pack it in following the FOMC Statement tomorrow. 

Take a look at the bearish watch-list below: