Earlier this week I mentioned if the market recaptured the Trend Average, we should seen new all time highs. And today we got the first new all time high of possibly several to come. The market looks like it is going to gap up, so maybe we'll see the Inverse Head and Shoulder's target met tomorrow. Given the fact that Alibaba's IPO is finally coming tomorrow, I can see the bulls using the opportunity to go crazy. Personally, I am very tempted to buy it (Alibaba) but I probably will wait until there are enough sessions to calculate the trend. The problem is, we might see a very bullish week or two and I don't want to miss out on that. Now, with that said, I don't see a very clear micro count yet (I'm going mostly by the IHS pattern for now) and there is a possibility of a Rising Wedge or Ending Diagonal. So the market could sell off suddenly, but as I've been saying for several years now, trade with the Trend Average. DO NOT SHORT this market as long as the TA is Bullish unless you are 100% sure of what you're doing (meaning, you know where your stops are).
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Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish