I was expecting choppy action today, but we really got more upside than anything, though the afternoon session saw the market give up some of its gains.
S&P 500.png
DWCPF.png
I was looking for a test of the previous high on the S&P 500 and we didn't have to wait long for it as price hit both a fresh intraday high and a closing high.
And I don't think it's a fake out either. Breadth is looking like it may just be getting ready for another ramp job (to the upside) as it's moved smartly higher this week (aside from Tuesday's back and forth action).
The OEX is neutral. The CBOE is bearish. Momentum is decidedly bullish.
I have this suspicion that the bulls may press their advantage over the days ahead. I'd hold long positions.
Bookmarks