Prices were able to close comfortably over the 50 DMA and this solidifies the current uptrend. Also, this breakout puts in play the bullish target for the bottoming pattern I first mentioned couple of weeks ago. The target is 2795 and is conveniently right at the 2800 resistance level so assuming a coming correction to test the 50 DMA at 2685 is successful, we should see prices push higher. This bullish move doesn't necessarily mean a bigger correction is not in the works but it does point a bullish bias in the near future. I will be going long in a test of the 50 DMA, hopefully in the next session or two.
Short Term Trend = Bullish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking
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