The only thing the bears (including myself) were holding onto was the rising wedge formation. Today the market broke the upside of the wedge, negating its bearish pattern. This type of pattern mainly breaks to the downside so to break to the upside could either be a fake out or a true break out and very bullish.
1054 was broken easily today and it didn't look back. It's time to rethink where the market is headed. The market is looking very overbought right now, STOCH is overbought and RSI is above 70. With an overbought market CHOP can easily move the market out of overbought without moving the market.
One good today was RZ which I mentioned on Tuesday
RZ broke out of 1.85 today was up 3.76%. That is why being hedge helps!
