quite an impressive move. Days like today I guess you can just throw TA out the window because it just doesn't want to stop going up.
If thou art a bear let patience be thy friend, hold her by her firm bosom. Keep thy powder dry, for thy day cometh upon the horizon. For this day the bull runneth up into 1158-60 and it be wise to let her have her day, get fat and slow before thou guts it. Thus sayeth Eko.
there are some ways to identify a trend day, but you gotta enter somewhere with a stop. Think opening range breakout.
I disagree about throwing TA out the window. If you look at a 60-min chart for the past week and connect the pivot highs from last Mon & Tues it takes you to Friday's overnight pivot high and to today's pivot high (credit to Tomahawk for that analysis, because I don't use trend lines for the most part). For intraday traders, the 9:50am ET 5-min bar offered an early long signal and for the rest of the day there were only two counter-trend short signals, the false breakout bar at 11:30am ET and the internal double top formed at a slightly lower high by the 12:50 and 1:05pm bars. Those were both counter-trend possibilities and not very high probability because the retrace off the earlier fbo was shallow. Daily chart still looks bullish, but is "overextended" now, not to say it can't get more overextended, but counter-trend swing shorts here would be looking for an eventual pullback to 1110.00 (or better if any "worrying" news spooks the market). Isn't it time for the market to suddenly get worried, or do we need FOMC exuberance first? EDIT: another thing in favor of longs today was the bearish reversal signal on the daily chart (red shooting star candle). When that didn't trigger a reversal, it trapped a lot of shorts.