Honestly, I don't even know how it defies gravity. I mean, I get the rip higher after the recent inflation numbers and favorable fed speak, but no pull back at all and break out of recent highs.
Wow, just wow. I mean, it's good and all, my account is seeing number go up, but still suprises me.
S&P 500....
Looking at the daily chart of the S&P 500 yo can see the recent move. There have been multiple gaps higher and the index ripped from the bottom of the descending channel it was in and broke out with barely a hesitation.
Then it gapped up again and took out the September top, which easily would be understandable if it acted as a short-term resistance as the market digested the recent move.
However, nope....just keep on ripping. Glad I'm long some stuff.
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Blow off top in the making.