UPDATE (5:40a.m.) Futures keep on chugging. They now sport a wee bit more negative divergence than they did last night. Somehow I think a huge gap up at this stage strangely seems more bearish a market move than if it did not. (i.e.-exhaustion gap?) Well still 4 hours from open so lots of time left. Must go to work.
Channeling upward. One thing I notice is the channel is tighter so far and smaller-looking waves than the preceding up channel I have drawn. A tad of negative divergence popping up on the MACD and stochs indicator. It looks potentially more corrective than the previous channel.I am betting that any gap up open tomorrow on the cash index would be covered sometime during the day one way or another.
Good Luck!
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