thunderous thursday, page-14

I didn't have dynamic bands on SPX, but just looked and last night was 919 so might leave them on the chart.

On 24 hr SPI monthly it is 4048. Weekly is well above its band this week and although next week can't be be fixed till Friday close, at the moment it suggests 4047, so confirmation maybe.

The fact that weekly is well above upper band is in itself a longer term directional indicator, or in other words suggests things are stretched a bit and may require some consolidation/retracement but the trend is up till it isn't.

A couple of other notes. NASDAQ was pretty feeble last night and is a little above its 200 DMA which is where it topped with each rally last year. NASDAQ has been leading.

My 11 period DMI managed to lift DMI- off the floor yesterday with that small pullback but today it turns down again. It's not a time to be adding longs IMO with the DMI+/DMI- gap very wide and DMI- very low. Normally a day or 3 of continued rally would require more serious pullback.