If you believe in the head and shoulder formation, we got one in both 2000 and 2007. In 2000, the left shoulder was higher and a bit complex, in 2007 it was a bit lower and simple.
Are we forming a left shoulder now? Will it be higher or lower than the right formed in Jan 2018? The rally got started with tow 9 to one ad to dec issues, very bullish (should have not ignored that sign) But now the tick and vix are not confirming a higher high.
All comes down to the Trump and his china deal. If the come up with a real solid one with no more tarrifs, could be great for economy.
But then the semi order numbers are collapsing, very bearish. But the Weekly LEI is improving, bullish.
