Shocking! Yet another CME-driven, upside explosion...
Following the market's opening burst higher we saw a further lift just before noon whose effect also brought RSI to confirm that move. With the rest of the day spent consolidating the morning gain and RSI remaining relatively buoyant (save possibly the final hour), the apparent intention to extend the market's levitation this week — evidenced by RSI's performance following Monday's opening thud — raises the prospect that, today's rally will carry into tomorrow's trade, at least early on.
Note that, over the past ten days neither of the two prior CME-driven explosions higher saw any follow-through the following day. Whether this trend continues tomorrow, the corrective wave forming over the past ten days nevertheless drew nearer its completion with today's strong advance. A 2% move higher occurring at a time when the currently unfolding corrective wave's "c" wave was thought possible (yesterday) certainly goes some way toward confirming the view that, the market's decline from early November top still has a considerable distance yet to go...
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