I'm Not A Cat. I Like The Spot. I Perch Observations #23

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Below the paywall line in The Other 2 I Perch Observations #22 I shared the following charts and wrote:

The Other 2

Since October, the theme has been all about the chop. In Pencil Me In, Coach I Perch Observations #20, I shared the following chart and wrote:

After last week’s retest lower, in this holiday-shortened week, the price action was mostly about filling in the gaps made in October:

Surprise, surprise (yawn). The week ended right at the top of the uppermost gap:

However, both the Dow (DIA) and small caps (IWM) closed at new all-time highs:

That’s not bearish. Especially as all 30 stocks in DIA are also in SPY:

Here’s an update to the Equal Weight S&P chart shared in R-S-P-e-c-t. Find out what the price action could mean I Perch Observations #5:

Also at a new all-time closing high…

Despite all the chop, as I’ve been saying for weeks, the price action remains bullish. Therefore, I have to maintain that price will break to the upside and make new all-time highs sooner rather than later.

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