The markets are turning.
No one is paying attention and no one cares, but it is highly probable that the markets have formed a MAJOR top.
The S&P 500 has just “kissed” the top line of its bullish trading channel running back to early 2016. Stocks would need to go absolutely PARABOLIC in order for this rally to continue.
That’s not going to happen.
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Microcaps, which usually lead stocks, have already peaked and are now rolling over.
The markets are barely holding up, but this won’t last much longer. The S&P 500 is on thin ice. And now that Dow 20,000 has been obtained, the door is open to a 10% correction in stocks if not worse.
These people are going to get taken to the cleaners.
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Graham Summers
Chief Market Strategist
Phoenix Capital Research
