Hello Everyone,
Quick Notes: The recent uptrend for the major indices continued higher today with the DOW, SPX and IWM all making new highs and QQQ back to its middle BB (20 day MA). Last Friday, I posted on the trading community about this pullback potentially being a major wave 4 on the SPX and to monitor for a range breakout. Yesterday we saw the SPX and IWM breakout of their ranges (triangle patterns) after previously breaking symmetry. Today the SPX found some sellers after
probing new highs and pulled back into the close (as been the case lately) but thus far we have yet to see a symmetry break on the downside so let's respect the prevailing trend until evidence changes. I wouldn't be surprised to see this 5th wave subdivide higher over time and one could use pullbacks as new entry points with appropriate stops in place. For now the key pivot support on the SPX remains at last weeks low (3723).
Please take a moment to look at the trade ideas.
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3/5/21: DVT's have been hit on the daily indexes. not on the weekly indexes
