A New Greed Grind - Midweek Update
Setups for EWU, EWG, INDA, ACN and NKE
The Consumer Price Index (CPI) increased 0.3% for the month of April as expected, which dropped the annual CPI growth rate to 3.4% from 3.5% in the previous month. This news spurred a bull run as the stock market gapped up to new highs and kept running.
The S&P 500 (SPY) was too strong to pull back this week thus far. It appears to be trending higher on the 9 Exponential Moving Average (EMA) and seems to be heading for the R2 Pivot Point at $537 or R3 Pivot Point at $550. Notice that the half-cycle renewed on 5/13 so there could be a lot of time to trend higher before it’s time for profit taking. Some weakness could come in between 6/15 to 6/21, which could coincide with the corporate buyback blackout period beginning 6/15.
The S&P 500 Bullish Percent Index (BPSPX) continues to move higher, telling us that this rally has a high level of stock participation, hinting that this rally could have longevity. It did hit the 70 mark on the RSI indicator, however the last time it hit this level was on 11/14/23, just as the last rally was in the early stages.
A new Greed Grind may be forming. This is when Greed stays elevated for a period of time and stocks continue to move higher. Notice the circles in the chart below. We are not even at extreme greed yet, so there could be more money to be made.
During these Greed Grinds its usually Retail buying that keeps the market going. We are at that level now. Lets see how long it lasts. They often last from 1 month to 3 months.
For Paid Subscribers we’ll go over EWU (United Kingdom), EWG (Germany, INDA (India), Accenture (ACN) and Nike (NKE).
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