Ultra-Short-Term Indicators: There were elevated readings on the CVI and Participation Index - UP, but not what I'd call climactic. We've had two up days and high positive readings confirm the trend over the next few days. The VIX is nearing the upper Bollinger Band and that typically is a place for a decline to begin. It implies confidence in the current uptrend. Sentiment being contrarian suggests a short-term decline after a break above or test near the upper band.
Conclusion: The throwback toward broken resistance occurred and appears over for now. Indicators in all timeframes are bullish with the exception of the VIX which does suggest another market top. The angle of ascent of the rising bottoms trendline will be difficult to maintain but a continued advance does seem plausible given bullish indications.
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