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When support becomes resistance, that tells us the bears have likely resumed control. $SPX pic.twitter.com/KQzWD6o3rN

— Andrew Thrasher, CMT (@AndrewThrasher) June 1, 2022

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Sentimentrader had a fascinating chart out today showing that the number of articles mentioning “bear market rally” is double the number during the March 2020 COVID Crash. I’m noticing that even bulls think this is only a bear market rally. A poker dealer at Casino M8trix in San Jose, CA who trades on the side told me on Monday that he expected the rally to roll over imminently. And so the minor selling we’ve seen Tuesday and Wednesday is being almost universally interpreted as the end of the bear market rally and the beginning of the next leg lower. What does it mean? Well, it IS in fact a bear market rally – but until the crowd starts to think it might not be, we’re going higher. See you at the 50-day moving average (DMA).