All Trends point north. All the markets except the Russell made new all time highs on Friday. Unless the market provides an indication of a lasting excess on the highs, it will continue to grind higher. The weekly bar chart below shows a 3-week balance immediately below leg high. The top of that balance at 1774.50 is the breakout level and support.
As the market rallied last week it left very poor structure below - all the way down to the 1750 area. Notice that there are 2 POCs that have not been tagged plus the market left a poor low on Friday. This is information I carry forward in case the market begins to correct. My immediate reference for Monday is the Spike - the shaded area from Friday shown in the chart below. The base of the spike at 1792.75 is short term support. Spike trading rules apply.
As the market rallied last week it left very poor structure below - all the way down to the 1750 area. Notice that there are 2 POCs that have not been tagged plus the market left a poor low on Friday. This is information I carry forward in case the market begins to correct. My immediate reference for Monday is the Spike - the shaded area from Friday shown in the chart below. The base of the spike at 1792.75 is short term support. Spike trading rules apply.
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