Well how do you like that? The Magic 8 Ball was right on the money. We were rewarded today with a 191 point jump in the Dow. It's still too soon to call this a trend, what with all the up-down-up-down action recently, but I will note that we hit several important numbers today.
First, the opening and low of the Dow were identical and equal to the center line of the long term rising weekly RTC. Second, we closed above the 12,225 resistance shelf established last month. And third, we exited out the right side of the descending daily RTC from last month. All of these are bullish indicators. Note also that the classical indicators are all lower than they've been in well over a month and appear to have bottomed and started turning up. Also bullish.
However, after today's big run up, I'm not expecting the same tomorrow. The pattern lately after big pops has been a period of consolidation for a few days before resuming any meaningful price movement. Still I'm liking this chart more than I was two days ago. We'll see.
No trades today.
Resources for Developing Your Trading Playbook
16 minutes ago