Intraday:
Sorry I am late getting this in. It looks like the scenario I laid out Tuesday and Wednesday morning is going to play out. We started the day continuing the trend from Tuesday before turning down to put in rather large swings. About half way through the day we finished setting up a bull flag and broke out. After the break out we bounced back and forth between the 10 and 200 period moving average before moving higher and making new highs for the day.
Daily:
We put in another day of gains after getting our reversal confirmation Tuesday with price barely squeaking by the 10 day moving average. All of our indicators are currently bullish. We will be watching for prices to cross over the 20 day moving average as upside resistance and then we will be watching the 1210 area very closely. If we fail to get above the 1210 level the wave count I laid out for you on Tuesday will have failed. If we get above the 1210 level we will be looking to the neckline of our head and shoulder pattern, the 50 day moving average, and the 1300 level respectfully. Keep in mind all of this is happening ahead of Jack Hole (Jackson Hole). If one trick pony Ben says something the market doesn’t like, we could see a massive drop In the markets possibly to challenge 1100 bottom once again.
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