Today was a strong day for the overall stock market. The stock market overall broke out of some key resistance technical patterns sending the market higher throughout the day and overnight futures market. The question now is whether or not this move is legit or just a fakeout buol trap. To me I remain undecided until further confirmation. We need to close the week above the 50 sma in all the indices as well as recapture that 5 ema. Once we get there we will be setting the groundwork for the bulls to take out the overhead resistance.
The sp500 has a lot of work to do and there are some signs showing it can struggle to break above resistance. However the nasdaq 100 is looking like a healthy break and there is a lot of talk about the large short positions in the QQQ that might be gearing us up for a short squeeze higher.
As always trade these markets very carefully in times like these.
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