BLUF: Lets see what happens today with the follow thru or march higher...TBD! 10 YR Yields marching down to 1.50...TBD (Demographics/Pensions/BabyBoomers...get used to it!)
Latest BofAML fund manager survey: cash levels fall to 4.0% from 4.2%, the lowest cash balance since Mar’13, and well under 5-year average of 4.9.
SPX..when evaluating breadth many dont include fundamental factors as symptomatic of trend. For example if cash position (BOFAML FMS) is just 4.2%, lowest since May 2013 & leverage has stretched to extremes, tail is quite fat. Breadth takes a backseat, there's depth.
Note
We just hit the 100% symmetry level...we have support to 3400 now....will be much harder to pullback....too much momentum!
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.