Double top or higher?Jan 11 2018 10:40
Not to be thwarted, he bulls continue to do their thing and the indexes gapped up again this morning. So far the indexes have only managed to test Tuesday's highs, which is something I thought we might see if SPX is to make final high at 2759-2760 today (the high so far is 2758.84, 30 cents shy of Tuesday's high). January 11th aligns with this level on the Gann Sof9 chart so it will be interesting to see if it will act as resistance. Only time will tell.
The RUT has made a new high, which is bullish since the canary appears to have been given some oxygen, and the door is now open to much higher, such as 1590-1600. But at the moment it's possible this morning's rally is the completion of a small rising wedge for the leg up from December 29th. But that interpretation means the RUT must start back down now, which it's not doing as I type but we'll see what happens after the completion of the first hour of trading. As long as the RUT remains bullish the rest of the market should follow.
RUT 60-min chart