Technical Analysis As you can see in the chart, every red square is showing a consolidation period, followed by a strong rally.
Today's action is showing strength as we are seeing a potential breakout, outside the 1-month consolidation period.
Trade setup The light-blue arrows are potential measured moves. However, I would follow the 5sma or 10sma, as a stop-exit for 50% of your position.
Fundamental Analysis There is some concern around inflation, all though the Fed maintains he believes it will be transitory.
Here is the way I follow inflation, which is a free chart by the Federal Reserve Economic Data: fred.stlouisfed.org/series/T5YIE Another way is with the TIP etf.
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Since the breakout, we have made a test of the last consolidation range and bounce back higher.