Good Morning Traders!
What a well behaved market for August! Not only did it give the C leg up, but then some as it pushed up into the bottom of a prior trading range (chart above).
The summation tick chart which was oversold on Wednesday still has room to rally up further. The put call ratios are coming off strong Buy signals as well (link posted last week). If the market has upside follow-through, there is still a three day high on the Russell that can be tested 1147.60. And….if the SPs can trade into the start of the previous range, 1157.50 would be the next upside pivot.
The market had a strong low to high day – any further morning rally can be shorted for a scalp. The first morning dip can be bought as well.
BIG POTENTIAL: SILVER HAS A TURTLE SOUP BUY AND THE DAILY CHARTS ARE OVERSOLD. GOLD IS THE RS LEADER, HOLDING WELL AS THE SILVER FLUSHED DOWN. IT HAS A BUY ANTI SETUP ON THE DAILY CHARTS. Steve Moore has had a seasonal DOWN window in silver that lasts into next week. This window may be ending early.
Have a fantastic trading day, yes, even for the middle of August!
Markets in BO Mode: