‘While the cynics obsess over the negatives, the market continues focusing on the positives,’ and the S&P 500 is closing in on a record high
by Shawn Langlois
Headlines splashed across the financial news outlets these days would have you believe the stock market is on the verge of collapse after its monster rally from the lows earlier in the year, but Jani Ziedins of the Cracked Market blog isn’t buying it.
Or, rather, he is buying it. The market, that is.
“We make money following the market’s lead, not reacting to headlines,” he wrote. “If this market doesn’t want to breakdown, there is no arguing with it.”
And, despite myriad reasons for a selloff, the market clearly isn’t breaking down. As you can see from this chart, the S&P 500 is closing in on a record high, with plenty of support, according to Ziedins’s technical assessment of the chart lines: