This is more of educational than opening trade, but if u want to you can do so. One of the few things that may make you believe recent rebound a possible new all time high as Nasdaq Composit did and probably SPX
and DJI may also follow is the ability
of the Consumer Discretionary SPDR ( XLY
) to hit a new high this week or today. The StochRSI is suggesting that we may be close to the peak than breakout upside although we have taken out both March high and July high and printed new high for this year, hard to go against the trend that seems only getting stronger. There is a good chance that 1.27 or at 68.62 being strong resistance, if this broken expect the price to face a real and stiff overhead resistance at and around 69.57 which is where one should get his/her gun read to trigger long waited short entry. If you like it follow us more to come.