The market does appear like it's about to take off, but, we're still in a sell zone here, IMO. And with the markets being very news sensitive lately, I imagine tomorrows numbers is what will set up the next major leg. And that could very well be down. Just an observation, but I do count about 6 pushes and failed attempts so far to go higher above this 4K (+/-) area. Makes you wonder.
This kind of action where we open quite a bit lower and recover almost all of it, typically is confirmation of an uptrend and that trend being intact. It's not 100 percent, but has been very favorable for longs in the past.
Certainly possible, but the daily trend has been long since the IHS on daily and the weekly trend has been long since October.
8:30 AM ET USurable Goods Orders US:GDP US:International Trade in Goods [Advance] US:Jobless Claims Depends on what the charts do at 8:30:01, lol. I won't be looking at any numbers, but at the chart, and when any of my setups appear, hell yeah brother. Bang a Gong!