Good Morning Traders! A trend day up after a large opening gap down unfolded as the Russell led the early blast off to the uspide. Burning dog, then the previous days low, then the middle of the prior range (1817) and then the previous days high, all served as the main pivots by which to follow the market action. The Russell has now rallieed to the top of a prior trading range. It has had 6 days from low to high. The 2-period ROC has been up for two days and is poised to flip back down with a sell divergence. See the chart example. The SPs stalled out in the afternoon session and can retrace back to the high volume node of 1817. The possibility of a “first cross type of sale on the daily charts still exists. The hourly grail buys got their objective and there are no more compelling grails basis the intraday charts. Voolume was on the light side due to major power outages on the east coast. Volume may well be on the light side Friday as well.
And, don’t forget! THREE DAY WEEKEND coming up! Additional chart ideas: Silver – upside breakout – see earlier point and figure chart posted. This has been on an extended run(consecutive closes on one side of the 5 SMA< closed outside its value area today, and can continue to trend higher. Likewise for gold. The weekly charts are constructive and both are coming out of a prolonged base. Wishing everyone a great trading day! Linda