Good Morning Traders!
An opening gap down found support at the key 2028 level. All indexes took turns in leading to the uspide with the small caps outperforming in the afternoon session. The Russell is now around 20 points away from all time highs….perhaps inevitable. Plenty of big cap blue chips can still put on gains into year end. Look at the weekly chart of GE posted above. It is right up against a corrective down trending channel line. If no resistance comes in at this upper channel line, a breakthrough can carry this stock to new multi year highs.
The DAX closed with a Power buy setup on the 120 minute chart, also, a Pinball Buy on the daily charts. So, structure is there on multiple front for the uptrend to continue.
The SPs have a three bar triangle breakout pattern. So, as always, keep an open mind to a move in EITHER direction.
GC has a textbook low ADX as market has formed an equilibrium point, easily seen on the chart above. The EC has a near identical equilibrium point with converging trend lines on the 120 minute chart.
Lots of breakout points for tomorrow….
make it a rockin’ day!
Markets in BO Mode: