I believe the market wants to go higher, and I have switched my bias to bullish ... for now. However, I think there will be some profit taking before the all-time high is broken for good, and convincingly.
There was a gap up to open the day. The market then shot up, then shot down, then finished undecided (doji). Typically, a gap, then a doji, means reversal. But in this crazy market who knows!?
I am thinking that we will see a small pullback for profit taking more than anything else. This was a good run-up after the consolidation break-out ... people are going to want to take their money while they're ahead. Notice the volume? It has been increasing for 4 days, and that could mean there's a little exhaustion here at the top. It's never a good thing for a market to overheat; a tiny pullback would be nice before it busts through the all-time highs.
There was a gap up to open the day. The market then shot up, then shot down, then finished undecided (doji). Typically, a gap, then a doji, means reversal. But in this crazy market who knows!?
I am thinking that we will see a small pullback for profit taking more than anything else. This was a good run-up after the consolidation break-out ... people are going to want to take their money while they're ahead. Notice the volume? It has been increasing for 4 days, and that could mean there's a little exhaustion here at the top. It's never a good thing for a market to overheat; a tiny pullback would be nice before it busts through the all-time highs.