(Left chart): We bounced twice off the 2021 and that now confirms 5 points of support for the bulls that this is here to stay. The 2 bounces on the last 2 Wednesdays also adds pattern, a very signal. We are currently are still testing a resistance of the middle (dashed) as that has been a strong support throughout the year.
Once we do cross that dashed line and close above, we should see a very week and a test towards $428 and possibly $445 next of the overall decade long (Right Chart).
(Right Chart) Some things to look out for though. We are approaching the upper end of the trend channel and throughout time it kept rejecting us back to the middle or bottom end of the trend channel. On the short term we are still since the dollar is weakening and bonds are unattractive, but on the intermediate term to long term though, we should be cautious especially when interest rates are looming and Treasury is pressuring the feds to raise interest rates. (also see my comparison of our current economy today vs Japans 90s Loose for what happens when interest rates rise on fears of )