Good Morning Traders!
The extended run in the Nazdaq is one of the strongest trends on the board and in the past, there have been runs of 24+ closes on one side of the 5 SMA. There is no sign of a top and every dip will still be a buying opportunity. An example of this is the consolidation in the SPS that has set up a Pinball Buy for Monday morning.
Put call ratios are not overbought, and this rally can continue until they are….In the meantime, any test below the daily 5 SMA or consolidation to the 120 minute EMA should find support.
How rare is it to see both an Inside/Outside/Inside day in both Nat Gas and Crude at the same time? According to Steve Moore of MRCI, this can be one of the more explosive patterns!
Technical glitch in the CME Sunday night……will update in the morning!
Have a great week – markets tend to have appositive bias into Labor day…
Markets in BO Mode: