The S&P 500 finally filled that gap down from August 2022.
Yet her sister index, the Wilshire 5000, has yet to take out the early February 2023 high. This indicates that yes, the rally is narrow, concentrated among a few Mega cap tech stocks. It’s a bearish situation until and unless they both confirm each other.
If the Wilshire does wind up confirming the “breakout” of the S&P 500, a simplified count below is presented.
And a bigger picture and a slightly different bullish count of the Wilshire. The main point is the world is awaiting an escalating global war situationof which I have a keen eye on the key dates of July 20th-21st, less than 2 months from now. Until then, patience.
