Market participants have become extremely complacent in recent weeks and appear to be solely focused on the "positive" factors surrounding the economy. What about the novel coronavirus? Not many people seem to be concerned of a possible second wave disrupting markets, and if they are, the stock market certainly is not reflecting this concern. What about the race riots and the sky-rocketing unemployment. America is literally burning, yet the stock market just simply continues to melt higher.
Image Source: StockCharts.com
The S&P 500/SPX (SP500) is approaching our near to intermediate-term top