x30 is the weakest signal but that is because it has been failing during serious declines, which this doesn’t seem to be.
There is no law of the universe that says a new high couldn’t be made from here. However, the low of the down move found support at the top of an important gap, and a move to new highs off of this would make the megaphone pattern pretty scary. Still, stranger things have happened.
Maybe the inflation scare is just the silly capital gains tax hike panic in a more expensive suit.
I’m sort of expecting this rally to fail at around the 18 day SMA, but the downside risk from there is maybe SPY 395.
