No gap up today. How odd was that, LOL. There was a little profit taking mid morning, but nothing much. The pop after the FED meeting minutes were released was sold into. However, after a brief dip the bulls showed up again. This kind of narrow range day at resistance sometimes turns into a top, but I don't see anything at the moment that indicates that. I think it would take a news event for that to happen. All these gaps up are making people chase the market and there is probably not all that many people sitting on a lot of profits here. Without a sell catalyst a retest of the May high seems likely after yesterday's strong thrust. Should we get there then I will have to evaluate the internals. In the mean time the SPY hourly 50 is my bull/bear pivot point.
Chart practice has been updated with LULU the stock tonight.
http://traderbob58-chart-practice.blogspot.com/
Bob
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