GOOD MORNING TRADERS!
After classic post FOMC rally, note how the SUMMATION TICK chart (at top of this post) has only just turned up from oversold buy signals. There can be plenty more upside to go until this indicator becomes overbought. Perhaps enough to drive the weekly Russell chart back up to its highs. For Thursday morning, watch the pit session 5 minute chart, then 15 minute chart on the SPs for retrace back down for grail buys. A verbal commitment to low interest rates ad infinitum has driven junk bond yields to all time historic lows. Perhaps stocks look cheap in comparison. (half hearted jest)
I posted chart examples using 120 and 240 minute time frames to show just how powerful chart formations can appear on this time frame. It does not mean that every chart formation resolves itself with a higher high but it does clarify whether there is still trend, or, as is the case with the nov beans, a loss of momentum or potential for breakout from converging trend lines.