o 1st time frame up trend.
o The market closed with the Bulls keen, in control and committed.
o Range expansion shows that the bulls are eager.
o Close-by Resistance at the highs of the Previous two weeks was taken out. Watch resistance at the Previous Swing high at 1461.
o Triple MAs have changed to BULLISH.
o MACD histogram remains ST BULLISH.
o ST volatility achieved a cyclical peak a few weeks ago and is trending down from the OB zone. This is reflected in the large area of consolidation following the previous Swing high and the subsequent pullback.
o Volume came off last week – bulls lack commitment.
o 79% of socks are above their 4 week MA but watch for a bearish cross below 70% – ST BULLISH.
