Wow - markets did an AMAZING rally yesterday , breaking the falling wedge / or handle pattern on my screen and moved up all day long to 1.5-2% on the way. Wow as I told people at 1295-1300 that was the buy spot to go long - and then we got a rally in just 1 single day to 1320-1330.
Overall markets is very overbought on the short term timeframe 30min and 60min - but it looks like another "kick off" start for a good rally up for next weeks - honestly I did not believe we would move this high already - if we keep going like this we will take out new highs and a target would be 1380-1400 area on SPX.....
Overall small caps TNA /IWM /RUT could be seen as a inverted HS pattern - if this is a true pattern then we had the right shoulder in - and a big rally with upside target to 111$ in TNA if we break the neckline at around 89$ would come true... thats a HUGE upside move. Honestly I dont think we will move to new highs , my SPX target is still 1345 but again - I wont rule out that new highs is possible :-)
I'm long and strong with a size position in TNA 79.35$ and already good in the money as it closed 83.5$.
Conclusion:
Short term charts tell me we could expect a pullback soon to 1310-1315 area before we move higher. Overall holding all 3x long ETF TNA from 79.35 as I think markets is going higher next weeks - I would buy the dips we get.
I wanna tell everyone now - that I am going on 1 week vacation to the bankrupt country of Greece by Friday - this means I wont be able to update any kind of charts over the weekend and the next week, so you gotta live without any updates for 1 whole week ( I'm sorry :/). Just so you are informed if I dont make updates.
Have a nice day
Have a great trip. The Greek islands are alot of fun.
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