Over the last couple of days the market has continued to advance and the futures are strong this Thursday morning. We have now surpassed the June 18th high of 1654.19 and yesterday we had a qualified break of the TD Trend Factor target (horizontal purple line at 1647.09). If it is confirmed today the next target is at1738.66 – a new high.
However; with the weekly chart (see Monday’s post) bearish I don’t expect a new high to be made. Any price flip on the daily chart would trigger a TD Sequential “sell” signal. There are two Fibonacci resistance zones to watch which are marked on the chart: 1660-1662 and 1673-1675.
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