If we can get some follow through on this break and send confirmation then we have some excellent upside targets.
More than likely the market will continue its uptrend as we saw some fairly decent put buying action while the market continued higher. We also are coming into the strongest day of the week with Wednesday and also the 2nd best day on the end of the month pattern.
If the S&P 500 can manage to take out todays highs at 1387.34 then the odds of an up day shoot through the roof to 81% and an average .73% return which translates into about 10.5 S&P 500 points.
While we do remain in a bullish phase both on a technical and seasonal level we do have a change in trend date late in the day on March 4th or early trading of March 5th. I anticipate this will be nothing more than a normal pullback, but dependant upon how far the market continues to rally here it could scare a few people, which is just what we need. I will address this scenario as we draw closer to the date.
Wedge on the High, Low and Close chart had its breakout yesterday.
The follow through of today made the closing chart breakout as well.