Weekend Review of the Markets: Bulls in Control

Happy Weekend, traders!

The bulls pulled a real rabbit out of their hats today!

After yesterday’s ugly bearish engulfing candle, today we gapped up and then proceeded to rally relentlessly all day, the Nasdaq-100 especially. In the process, the bulls not only closed this gap from September, but also closed over it and closed over the mid-October high:


This is extremely bullish if it can be maintained. This was an area that was ripe for either a pullback, or a reversal, and we have gotten neither one. Furthermore, if we look to our old “head & shoulders” neckline, we also closed back above it:


The only way this can be negated

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So, the most important indicator in any market is price and until bears show up, they need to show up, everything else be damned!

I hope everyone has a fine weekend.

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