The DJIA duly forewarned and confirm a ramp yesterday as it returned to the range confirming an aggressive April 1987 style fake out rally. In many ways this can be likened to both the pre Brexit and pre US election rallies. Therefore having now broken the previously pivotal 2350-2352 resistance, today should see SPX restricted to an ideal 2354-2366 (2350-2370 on the wide) range before Monday sees a continuation to test and spike 2378.8 to a precise 2384 (c=a) target. Although euphoric rallies like these have a habit of overshooting, we doubt the 2391 interim high will be broken until SPX breaks back down through 2350 to retest the 2321-2330 lows. Notwithstanding French election risk, some excellent short term risk return trades in this set up.
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