The seasonal model dictates Friday as a strongly trending up day and the Wedge that we broke out of is being tested both on a closing and intra day basis.
If this test can hold the line then we could see some sharply higher prices in a very short period of time.
On the other hand we have a potential change in trend coming into play on March 3-4th and a stochastics turn down today.
So we have a little of both bullish and bearish implications and this should work its way out on Friday and tell us where equities will be headed over the next 3-6 trading days. As a cautionary measure, we took about 1/3 of the aggressive long and call option positions off the table today just in case we have seen the high for this leg up.
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