How high will this breakout travel? Let’s take a moment to look beneath price to our market internals.
Here’s today’s updated Emini (@ES) trading levels for your trades:
Finally, we have an exciting and profitable bullish breakout OUT OF our sideways (highlighted) trading range.
Unfortunately, we don’t have clear Fibonacci or other key price levels to use as overhead resistance (or support).
We’re seeing Breadth (Advancing minus Declining Issues) with price.
While Breadth was indeed strong on the breakout, we’re seeing fewer stocks advance along with the market.
That’s a negative divergence with price and indeed we’re seeing a pullback take place at the moment.
Take a moment to review our recent post on “Creeper Trend Days” and add that knowledge to today’s market.