Lurching higher

Riding high

Today we witnessed a market that decided to continue riding the high oscillator values with the S&P crossing above the 1465 resistance level.  What this tells me is that we will likely see another couple days of uptrend. That uptrend will push the RumWave chart to 12 month highs.  When the RumWave gets to that point I'll probably play a bearish option on a bit of a "gamble" play.

Today's scores:

Below we see the DJI chart that I've been updating the last few posts.  I drew in another trendline in yellow a couple days ago and the market bounced off it perfectly.  With regard to the Heikin Ashi candles I like to use, we see a break out to the upside with expanding candles... a bullish sign.

The bottom line is that I think the next couple days will be to the upside, which will drive an extreme overbought condition, which will be ripe for a very short term bearish bet.  We'll see if I turn out to be right!