Our gap year continues with 4 gaps in the last 8 days.
I didn't have time to post yesterday, and this morning's gap renders this on the late side.
Oh well.
The NYMO cycle is up and has been since August 5 and is approaching the turn zone.
Nothing more to say until NYMO starts to turn.
The shake and bake market of August may be over with today's breakout.
A gap target from the first day of August was closed in the process.
Given the width of the August trading range, there could be enough energy to get to the July highs and those two remaining up gap targets.
If, per chance, this break is simply a trap/squeeze, it should fail in the next few days.
All the fresh gap down targets we have stacked up over the last few days suggest we should be open to that possibility.
This looks like this could be the third push up from the December low, which puts on the table an ascending wedge (marked with blue orange lines).
If so, move up should be limited to less than 300 handles from the August low and can fail at any time.
Completion of this wedge would break the 200 day MA triggering some meaningful liquidation.
Let's see what happens.
I am long SPX and R2K.
I have taken two scales in SPX and put a BE stop on the runner.
R2K position is still at risk.
Doing nothing unless R2K scale levels hit.