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A little resistance here but shouldn't be a problem. This bull shall have legs.
Gap up above the yesterday's high so likely it's a trend day either up or down.
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GS says "this the last two weeks saw that "largest 10-day net selling in US equities since Apr ’20 led by Macro Products as well as Info Tech/Consumer Disc stocks"
"GS Prime found that the selling of US stocks - which made up more than 85% of the global $ net selling (-1.4 SDs) - was driven almost entirely by short sales and to a lesser extent long sales (9 to 1)...
And zh calls today a "Massive Hedge Fund Short Squeeze"
Uptrend day is not officially confirmed until breakout to the new day high. I think it's an uptrend day just likely the most up part was done.
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The Hindenburg omen indicator will be negated today if the McClellan Oscillator closes above 0 (currently at 27.33 Think or Swim), 4 signals started 11/17/21 on NYA. Plus if we get 8/1 or greater up volume/down volume on NYA it will trigger a long term buy signal.... Combine the two could trigger short covering plus fresh buying.
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