Is it a bird? Is it a plane? is it a channel!?Are we just bouncing off walls here? It seems like we might be... Other convincing ideas here () suggest this is the end of a regression at the .618 fib following the bullish run from the start of 2017. I like it either way you cut it.
However we look, after quite a predictable and profitable short position before the heavy sell-offs yesterday we find the market rallying north. I for one am taking some profits at the halfway line but if we keep breaking through resistance levels with such convincing aplomb I might try and ride the waves all the way to the channel's edge. Now wouldn't that be nice.
Key US data today has helped a couple of big upticks. EU 'dovishness' and unexpected TLTRO reports in the commentary yesterday has also had a convincing effect which may be amplifying technical analysis, but it is unlikely to be masking it altogether given the continued trends.
