In the midst of the endless volumes of erroneous data investors have been fed in 2019, there is but one piece of data that hasn't lied, deceived or bludgeoned investors with a rubber mallet: price.
Not price in its various biased forms where investors take their opinion of the market and somehow sow it into the fabric of what they expect the markets to do.
Price in its purest form. Without bias. Completely left on its own to interpret as it wants to be interpreted.
And price is once again cultivating a statistically significant signal for investors in the midst of endless noise.
When we last left off a discussion took place with respect to the difficulties the market faced leading into option expiration.
With just a couple days left until opex, it is not unreasonable to claim that the markets have handled what should have been difficult period gracefully. That is a valuable signal in and of itself.
By all means and measures, the S&P 500 should have, at the very least, tested 3060 this week. It had every reason to, at a minimum, to make an attempt.
In fact, we have seen multiple attempts since last week at taking the market lower. Each and every time bidders came into the equation creating what is now an ideal consolidation where there should have been chaos.
Another valuable signal.
With that said, the consolidation for the S&P 500 above 3060 in such a defined, well thought out and graceful manner is a bullish signal going into next week.
The next stop for the S&P 500 is 3150-3160. A level discussed as being the ultimate November target back in late October when the rest of the Wall Street was still trying to figure out if this was still a bull market.
Stay mindless my friends.
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