We have quite a few short term buy signals making their way across the models and I have attached a chart of the hourly chart with a bullish breakout.
There is some very heavy resistance in here with a tight pool from 1450-1472, so if we can break 1472 we might see some fireworks to the upside. That is about 12 points from where we are now.
This also is the third day since the end of the sell-off so if the market wants to turn lower it would be Friday that would be the most logical. However, there continue to be strong indications that the rally will continue.
I remain 35% allocated to equities in the trading account and 100% long in the Long Term account. As I have said before, the market still needs to show me more confirmation before I increase my exposure.
Also, take a look at the 20% in 7 days stocks, some of them are doing very well and there were some additions to this portfolio today.
So in a nutshell, the market remains in the buy weakness mode with a real potential to accelerate higher from here.
p.s. If you have not visited the day trading site then stop on by.