We've finally broken above the sideways channel that started way back in December on the 23rd.
Today is the first time we've exceeded the 1845 level in the mini S&P 500.
Great news.
But my gut tells me it just might be a trap. A pop above the resistance level is sometimes just a maneuver to suck traders into a long position, only to slam them with heavy selling. i have no technical reason to believe that -- it's just a hunch right now.
We will see.
For today we've had a nice clean run from last night's low around 1830 to almost 1847.
A good day.
Right Click, "View Image" to enlarge chart.
Right Click, "View Image" to enlarge chart.
