Bulls attacked again with the SPX finishing up almost 23 points. They are winning the fight at this point and are poised to break out of the range. On the daily chart, we have 3 bullish patterns ongoing, head and shoulders, ascending triangle and a bull flag. However, the internals of this market are still weak. Ideally, I would like the market to pause here before breaking out to clear up some of the divergences I am seeing. That would give me more confidence in any breakout.
My long term models are bullish.
My intermediate term models are mixed.
My short term models are bullish.
– Trader Tony