1 Apr 2016 - Bears Fooled With 30 Pt. Rally

Fitting title for such a day like today.  The ES opened the session today sitting on the 200th hour moving average.  I tweeted that if it broke we would have a negative day.  Sure enough it bounced right off that line and never looked back.

To round off the week, we had a Bullish monthly chart and now a Bullish weekly as well.  Forget what the markets is telling you and just follow the signs.  Good news can be both good or bad, but signals are pretty consistent.  The ST is on an upward trajectory, and I did say that I felt that a top is at hand, but it seems to have eluded me again.  This is not to say that we are not forming one right now, but the ST at the moment is diverging with the signals warranting my concern for a top.  However, we must wait for confirmation of the ST to turn down before we can make any clear move.

SEN: Bullish
ST: UP
PA: UP