Well, for the most part, today’s action would qualify as a pause day. Tomorrow we should get back to business as usual. Problem is that Europe is so unsettled that you have to wonder if there might be some profit taking tomorrow just in case some bad news comes out of Europe over the weekend.
Meanwhile, the $SPX continues to move toward the apex of this triangle. Nothing says the $SPX can’t drop back down and tag the lower trend line before it breaks out. And nothing says that the first break out of this triangle won’t be a false break out, either. However, all of the MA’s on this chart ticked up today so this gives greater weight to continued upside than to a reversal, for the moment.