Stocktoberfest fever is hitting the streams and it has every reason to. Howard Lindzon and the team have built an incredible buzz around the conference over the years. The buzz is beating louder as we all get ready to head down to Coronado Island to open the last week of October trading. While I watch the equity markets, I (almost) never write about them. But this candle on the $SPX is as crazy as I’ve seen on this large a timeframe.
After a such a sharp dip last week, price action in US equities did look good this week. The $SPX staged a very impressive rally that crushed resistance and Fibonacci levels. Now all eyes remain on the looming 50-day moving average. Next week, bulls and bears will duke it out right into the end of the month. Sentiment is riding hard on each.