Good Monday morning to everyone. The futures are up nicely this premarket and they broke out of the small triangle they were in all of last week. If all goes as planned we should be heading up all week with some pullbacks along the way. The first pullback will likely be at the falling trendline above that is pointing to just a little over 2780 right now. But the big resistance will be in the 2800-2840 area, and that where I think we'll top out at by this Friday.
As to the question of "are we still on track as discussed a week ago on my weekend update?"... yeah, I think we are. While the depth of last weeks' pullback was completely off the "date to date" count was only a day off... and that's very close in my view. Comparing back then to this week suggests week top out next Monday March 5th but if we top out this Friday I think that's completely acceptable too.
For today though I'd like to see the market kinda weak, meaning it doesn't just open up and add another 20 points up on top of the 10 or so points it's already up. If it chopped sideways into the rising black trendline today or fell back to touch it early and then rode it back up later in the day then that would be ideal. The first few days this week should be bullish but not too bullish. Then the rest of the week we should see the squeeze happen that shakes out all the bears. We should get very close to the all time high so everyone assumes we are going to make another higher high... and that's when it should top and rollover into next week.
