September 22nd, 2016

The most compelling confirmation today was the gap up through the resistance level in the NASDAQ, confirming a scoop pattern breakout. The S&P 500 gapped up through the 50 day moving average, also in the process of forming a scoop pattern. The Dow has gapped up and is currently nudging the 50 day moving average. The market trend has prospects of going much higher if today’s trading closes near the high end of its trading range, scoop pattern slingshot affects.