If we hold in here and continue moving up through 11:30am EST, then we may push higher throughout the afternoon as well. Remember, while yesterday did fizzle, we ca not ignore the fact that the market did hold the 1039 and 1036.75 key lows in the S&P500 / ES. I call these key lows because they occurred in conjunction with FP formations, both daily and weekly forward plungers (FP).
Today’s action is certainly encouraging, and the market is certainly OS. A relief rally is highly likely here.
Notice the dollar doing exactly like we would expect, moving lower, while the gold moves lower too (unusual, but it is what we expected). Also, the FX is moving higher along with other currencies such as the SF, which may also experience a relief rally following the breakout on the upside there.
I am working the long side of the S&P (ES) in here, short side in Gold, and long side of various individual stocks.
