Why did not market did not close lower this week?
The fund flows data from Lipper shows that about 20Bn USD entered the US equity markets in recent days. Based on my records this is one of the bigger inflows since 2008. So far, this is great news, a new high in the SPX. On the other hand, we all know that US equities are not cheap based on historical standards.
Time will tell, so far, I will not be waiting for another down day as I was in the last few days. I will allow the market to price discover up or down.
Bears had an opportunity to take the market lower Weds. or Thursday and they did not. It can be as simple as that.