thursday trading, page-24

Today was one of those break out days on dynamics.

Invariably when that happens the following day does not close outside its highs.

So, SPI 4827 for tonight tomorrow is ALMOST a guarantee of a non close above.

As for momentum on a short term basis, it is all stretched here and some sort of pause seems necessary.

In saying that, the extremes of today are usually a sign of impetus, so a pullback briefly (maybe hours), can set up divergences in momentum BUT higher prices first.

I still note on SPX that bullish percent did not move higher and is stuck at 87. One decent down day is a sell.