The Bulls were really in total charge today, and the Bears seemed to have no chance of preventing their upward advance. The market was up all day long, with very few (and very small) retracements, and the market closed up over 11 Points for the official trading day, on low to mediocre volume of about 1.8 million contracts traded.
The market has now hit new highs in both the trading range and closing price, as the December and January rally continues, to levels that the market has not seen in a long, long time.
The market had been in a short-term Bearish channel for the last few days, but that trend line was broken with a lot of room to spare today. But these are very lofty levels, so what happens next is anyone’s guess. It should be interesting to say the least.
The market opened today at 1261.00 and closed at 1272.50.
The trading range was from a low of 1260.75 to a high of 1273.75.
All the open and unfilled gaps are to the downside, and many of them are WAY down there. Two fairly recent open gaps from late December exist at 1253.25 and 1242.50 And there are two open gaps to the downside from just over a month ago at 1205.25 and 1181.00. The rest of the open gaps are all much older, anywhere from almost three months to over five months old now at 1161.25, 1132.25, 1119.50, 1103.50, 1097.75, 1091.00, 1088.75, 1065.00, 1047.00 and 1023.00. Quite a remarkable range.
Good luck, and always trade only what you see.