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Well, this is a market that has gone from free-falling (August, September) to unbreakable (October 2nd to the present). If there is good news, the market vaults skyward. If there is bad news, the market might be soft for a few hours, but then it will either dismiss the news or assess it through a more positive lens. The market wants to go up, and it is doing so.
The title of this post is "Beaten" not because I am in such a state – – hope springs eternal in the bearish breast! – – but because this market has made a lot of progress beating the bear out of me. That is a dangerous thing, because the market likewise did a sensational job torturing the bear out of me for the entire year through July, which resulted in capturing only a fraction of the long-awaited drop we enjoyed all-too-briefly this summer.
Over the last few months we have been talking about the .35% symmetry support. As the market was falling in August it seemed impossible for the support to hold but it did and from the support we have rallied 1500 DOW points.
It seems like we would have to pullback from where we are now but if we look at the 30 Minute chart you can see the .35% has held again at the 11,600 level. As long as we stay above the 11,600 this market does have a shot at making a new high above the 12,900 high. As of right now the bigger trend and 30 minute trend is stll up.
It seems like we should pullback but if we can follow through today to the upside we could get a short squeeze from the overbought daily levels as the weekly and monthly chart kicks in. The next two days are going to be very important. Right now the daily NQ candle looks like a DOJI but we still have a few more hours left in todays session.
This has to be one of the greatest music videos ever made. Fun Fact: the directors of Little Miss Sunshine (a favorite movie of mine) had never directed a movie before; their experience was confined to stuff like………well……..this video, which they (Jonathan Dayton and Valerie Faris, a husband/wife team) directed.