Cobra's Market View

Up 9 weeks in a row, the next week was down 2 out of the last 2.

Let's see whether SPY will make a new record the next week by up 10 straight in a row.

SPY daily.

Ultra strong trend up.

Normal? Good? Not necessarily.

What is driving it?

''Affluent consumers, AI investment and asset appreciation.

Put another way, a small sliver of upper-income Americans buoyed by big increases in their stock investments are driving consumer spending, the main engine of U.S. economic growth.

What’s more, the mad rush by businesses to invest in AI has turbocharged economic growth and further contributed to record stock gains.
Rising gas prices and inflation are causing a majority of U.S. households to fall behind financially, he says — and the longer the situation goes on, the more stress it will place on the economy. -- MarketWatch''