Lets take a look at the hourly chart. There was a pretty big formation that we have been consolidating inside of for a few days now. I drew the pattern on the chart. We got to the end and there was a break out. The bolinger bands were also tight at this point on the 1hr and the 4hr. All day yesterday I watched the candles fight with the 1hr 50 MA and at the last minute the candles did conquer the 1hr 50 MA and we shot up as a result once we exited the cloud and the .
Speaking of clouds if you look at the we literally just exited the cloud after yesterdays close. Once traders saw that the confining nature of the cloud was not a factor on the daily anymore the price rose significantly. This is a reason I enjoy using the cloud.
All in all the rise was nice. I would love to see some more today but we will have to watch the charts. The is just over bought on the 1hr and possibly other smaller time frames. Even the daily is high at the moment. Oh well. At least the market has some life in it. Lets see what Tuesday will bring us... WTFDIK