I'm having some work done at my condo in downtown Chicago and was busy meeting with contractors most of the day (thank God I'm not in the construction business). But from the looks of it, I didn't really miss much.
Market rally on bad or mediocre news is indicative of a bull (or at least bullish) market. Everyone is looking for a retrace; no, wishing and praying for a retrace, and it hasn't materialized yet. I've looked over several time-frame charts (15-min, 60-min, 240-min, and Daily) and they're all bullish. I'm not saying I won't short, but I will be cautious on the short side. This market is not letting up and the more bears that pile in on the short side, the stronger the next leg up will be. At the rate this market is moving, breaking above 900 shouldn't take a lot of effort. We've developed substantial support in the 830 area, and now in the 850 area. A pullback to 850 is within reason. My only concern at this point is the weakness in NQ.
On this end, I won't be able to trade tomorrow either since I have to be at the condo at 8:30 AM sharp to get the contractor going on the work. Hopefully I can trade the afternoon session. Personal Income and Outlays at 7:30 AM (central), Jobless Claims at 7:30 AM (central), Chicago PMI at 8:45 AM (central) tomorrow.
I'll leave you with the Daily chart of the S&P Cash Index and the ES. Let me know your thoughts and/or market outlook for the coming days/weeks.
ES - Daily
$SPX.X - Daily
ES/$TICK (3-Min) - Negative $TICK divergence on the push up 879.25. Open gap at 851.25.