Hello Everyone,
Quick comments: No changes in the market, this initial up leg continues. Otherwise we still have the MACD divergences in place on the 2hr, 60, and 30 min time frames of the SPX and QQQ and continue to monitor these. The SPX closed above its 61.8% Fibonacci level today, the next resistance area is up around 4600 - 4650 area. The SPX and QQQ have broken symmetry moves to the upside. Remember you need some sort of trigger/catalyst (i.e. Reversal Candle, Break of a higher low, break of the ATR support on the 120 min and 60 min time frames. Another thing to monitor is for a symmetry break: i.e. the largest pullback in the uptrend for the SPX has been 95 points. For the QQQ's it's been 9 points
Today was a Demark 9 sequence for both the SPX and QQQ
Commodities pulled in while the market rallied, which is what we've been discussing. DBC, GDX, Crude oil likely put in some sort of wave B high last week.
Matt
