With all the charts I looked at this weekend, the DOW hadn't yet challenged its breakdown "sweet spot" on the long term chart. Today it did.
The market internals were screamingly bullish today. Yet still total volume is not great I'd guess that each major index may indeed make new highs, but thats not a foregone conclusion by any means. There were simply no sellers today. The Inverse H&S target was met, that usually means a down move coming next to some degree.
However the bullish internals is indicative of another "kickoff" ABC leg move up. I'll show that later on once I get more numbers that haven't printed yet.
Surely there is still glaring weaknesses abound to include financials, the Russell 2000, etc etc. What does it mean?
The whole thing reminds me of the summer 2007 severe market drop with extreme bearishness only to rally again to new highs later in the fall. And it didn't exceed the summer highs by much at all. And financials had topped out earlier in 2007 and never made new highs.
So consider it like that.
But lets just see what tomorrow brings first. It needs at least a follow-thru day of some kind either consolidation or what not.
The "wall of worry" is clearly still in place.