Another impressive move upwards through the previous high and potentially out of the declining resistance.
Market now displaying some similar characteristics as at the previous recent highs – overbought and perhaps over-stretched and very low put/call ratios – but also showing some bullish divergences with those highs.
An echo high is scheduled for today, and the new T structure projects into early and late next week. The volume oscillator indicates strong breadth and supports the projections for highs with the increasing possibility that the new T structure is larger than currently drawn.
This is looking more and more like a recovery – how the market performs at the next pullback (whenever that occurs) will be revealing.
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.