Apologies for being out the last several days but let’s hop back into it. The market has gone nuts and here’s what you need to know. There’s no reason to fight the market, it doesn’t need to make sense to you just ride it. We have a new ATH pre-market so clearly the mood is higher, we remain bullish until proven otherwise.

I’ve marked higher targets based on the prior move, that puts 509.59, 511, and 513 as our targets higher above the prior ATH in the cash session of 508.49. Below, we have 507-508.10 as a buy zone should price pull back into there. 504.60-506 is a buy zone below that. 508.62 is the current ATH so we can build our scenarios around that.

Don’t overthink it– if bulls want higher even though the daily chart is hugely extended, they will get it. What this does mean is the market is susceptible to liquidation breaks that could drop price rapidly, and then be bought up just as rapidly.

1) Price holds 508.10, target 509.59 watch for continuation. Watch internals and how price reacts on pullbacks, this will be your clues. Higher is most likely outcome based on yesterday’s candle.
2) If price dips back below 508 target 507 as a logical buy point. If price doesn’t even reach that number that’s super bullish, it will be pulled to areas of prior volume and that’s what that is. Below 507 target 504.60
3) Consolidation is highly likely today at these levels. Watch 508-509 as a consolidation zone if price can’t quick reach 509.59

William Wallace