As I said in last nights report. I believe we have to give the bulls the benefit of the doubt above 2020 as above there the bullish double bottom cup/handle targeting 2169.81 remains in tact.
On the shorter time frame, I would much prefer to see some consolidation at least part of the day today to form a cup/handle that would get us up to test the neckline shown below. I think sound bases make for higher spaces and make for more sustainable gains.
Never the less, I am also watching this potential slanted Inverse H&S on the 30 minute chart.
Like yesterday’s smaller slanted inverse, we have quite a few swing highs to deal with, so I would expect it to be quite volatile until it can clear 2103, “if it can”. (review last nights report and yesterday’s price action below) for an example.
We have seen many patterns like this form and fail this year so be mindful of that. In particular with the backdrop of the H&S top formation we have developed over the last 18 months on the daily chart, the bulls have their work cut out for them.
Execution is critical in this market, honor stops and have a plan. Good Luck out there.
Here is the smaller time frame Inverse H&S that fired off yesterday. It looks like the same pattern on a smaller scale than the one above now on the 30 minute time frame.