This rally is looking pretty dead here.
Based on the prices earlier this morning my model would have switched to long, and I got close to pulling the plug/switch or whatever metaphor, but now in fact the spike up has extended the recent range and makes the model more likely to remain short at today's close.
Also I mentioned that my indicators were very similar to last November. Another difference is back then the full(5,5,3) stoch went above 80 on a 20 point up day. And the follow through day was another 20 points up and a runaway rally ensued. Here the breakthrough was a 3 point day and the follow through day was something like 9 points.
Of course things might look entirely different by 4pm. Tomorrow morning there is a bunch of very important economic news. This morning's economic news pretty much met expectations and so hasn't moved the market much either way.
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