Lulled into Permabull Paradise | Callum Thomas

“To put it simply, and probably no one wants to hear it, but this is not a good set up 

— investors and speculators alike have been lulled into permabull paradise.”

 Callum Thomas, December 4, 2024.

 

S&P 500 E-mini Futures (daily bars - December 4, 2024) - Tom DeMark's Sequential 9-13 Setup. 

Another ATH (its 56th of the year), and up for the 11th session in 12.
Its daily MACD and RSI pushed further positive.

Optimism Is Off the Charts – The Great Piling In | Sven Henrich

Everybody is long. Everything is vertical.

Reference:
Sven Henrich (December 01, 2024) - NorthCast Market Update: The Great Piling In. (video)

 

 NAAIM at 98.9

Value Line Geometric Composite Index | Breaking Above 1998 High

While everybody and his brother are expecting the Everything-Bubble to pop soon,
some are touting the stock markets would plunge into an epic abyss.
Martin Armstrong explains again why this time it really is different (HERE)

No doubt, greed is historically excessive in the US-stock market these days (HERE), and a correction is due. At the same time there is a quite different technical perspective to it: It took the Value Line Geometric Composite Index (though not inflation adjusted, but equally weighted, using a geometric average) three attempts and 19 years to finally break significantly above the 1998 high. However, also since 1998, countless Perma-Bears among the Elliott-Wavers are still constantly expecting THE epic stock market crash to be lurking around every corner. They expect the completely distorted major US-stock indices to dive to and below their 1987 crash-lows (the wave 4 of lesser degree-target in Elliott Wave-lingo), and this event to usher in the end of civilization and the ascension of a new dark age. Well, the Value Line Index indeed had crashed below its 1987 low in 2009 already, and keeps rising ever since. The highs of 1998, 2007, 2015 and 2017 are now providing very strong support.

Dow Jones Industrial Average to Gold Price Ratio (in USD) │ Jan 1915 - Oct 2017
Source: macrotrends

US Equity Market P/E Ratio vs Long‐Term Historical Average
Source: PCA