I just returned to my hotel after a very long day of driving & park hopping with my family in Orlando & will be doing more of the same tomorrow, returning home on Friday, hopefully before the market closes.
Unfortunately, I wasn’t around today to post any updates during the fireworks show in the stock market but I can same emphatically that it was no surprise as the more the rubber band gets stretched, the harder it snaps back. A somewhat typical bear market rally although certainly a powerful one.
I don’t want to rush any analysis without the time needed to go through the charts in detail but will say that I suspect there will likely be more upside this week & almost certainly more upside in January. However, I won’t be able to immerse myself in the charts until I return home on Friday afternoon & will share my thoughts then, as well as reply to any questions or chart requests.
For those wondering if today’s strong rally provides an objective shorting opportunity, while that could prove to be the case, I still appears to me that the R/R is skewed to the long side, despite today’s big rally. Again, I will share some more detailed analysis on Friday & possibly tomorrow evening, if I get back in at a decent hour.
-RP