The market pops on a relief rally and heads for the 55 ema and the previous high at 2813 in a momentum move beyond expectations.
An echo high, a move above the important 200 day moving average, and another strong move up in the T volume oscillator suggesting that the current T structure is larger.
The market continues its extremely bipolar character with huge gaps creating additional volatility and fear of missing out as price moves into potential resistance.
Target acheived, or the beginning of another attempt on all time highs?
Buy Signal continues but is now significantly above normal expectations – is this the new normal – and therefore over-stretched and dangerous. Price may need to catch up with itself or could easily reverse.
Be prepared for whatever is coming next, and trade with confidence:
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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.