Everyone is still waiting to see if this correction is done or not... perhaps everyone is exhausted of waiting at this point, and that's probably a good time to be buying. I think fundamentals will prevail here soon and the technicals will support the upward move, but we'll see. Very impressive earnings so far. I think i read somewhere around 80-84% of earnings are beats this quarter, compared to 50-60% average. Bulls will step up and take us to new ATH's, it's just a matter of when.
Speaking of new ATH's, $MSFT and $INTC hit new highs for me last week, and my DGI holdings on them are up over 50% now.
So here's the SPX chart. I have the same stuff on the SPY and /ES, but this one is a bit less cluttered and i'm only zoomed into the past ~12 weeks or so for the correction period. I think it's a clearly defined ABCDE wave - but now what? We should go up to test 270x this week at the very least, but will we hit resistance and fall back to the 200ma (or further)? Seems to be do-or-die time as not breaking out this week will likely take us lower. I'm still very bullish for everything long term, but I would like to see the market make up it's mind this week. May starts Tuesday... perhaps a good turn point?