I really like the price action strength today. It traded higher than the previous high established on February 27th. Strength despite the lazy day the overall market had today is usually a good sign. Though we did get above average it was less than what I would need to feel like buyers are all-in fully committed.
This is what I'd like to see in the coming days in order for me to go long...
- Price pullback a little bit - could be one day or multi-day pullback
- After pullback, price resumes upside movement with significant above average
- Market as a whole ideally moving higher if the two points above happen; if it goes sideways this is fine too
I really want to see buying pressure come in strong - today could be the front edge of that front.