Last day of the month!
The transports rallied to all time highs but now have pulled back two days high to low. On the other hand the Russell weekly charts still look constructive to the upside.
Thursday was an interesting day with the halt in OPRA adding to the afternoon upside goosing. On the other hand, up has continued to be the path of least resistance despite the overbought readings.
The NAZDAQ has three bars price overlap. Despite the fact that Thursday was an outside UP day, three bar overlap tends to form an hourly chart formation which can lead to breakouts.
Same story as recently: short any early morning up above previous days high, but sell offs till provide a buying opportunity. In an up trending market, a better top is formed when the market rallies in the first part of the session, but then closes weak in the afternoon. until then, morning sell offs tens to find support.
Market indicators remain overbought but the overnight reactions down have continued to provide internal corrections.
TRICK OR TREAT?
Markets in BO Mode: