When shooting an ICBM over Japan cannot derail the Great Rally of 2017, you have to stop and wonder if anything can. This may be the greatest rally in history and we do not even know it yet. The NASDAQ has driven higher since the open, effectively returning us to the ‘crime scene’ prices that we held prior to reports of the missile launch hitting the wires.
For two Sundays, the lab work inside Exodus has resulted in bunker buster forecasts. This is a challenging signal to trade because one must constantly be on the lookout for the proverbial turn, the moment when we form an excess low that we can leg into in anticipation of the rally lasting the rest of the week.
Today we formed a sharp low, it could be the one. I have my doubts. One thing is certain–the aggressive buyers seen last Monday/Tuesday showed up again this morning and defended their territory, which resides just below 5800 on /nq_f.
Should we continue to trend higher this afternoon, my doubts will be vanquished entirely. For now, I am cautiously optimistic that we have seen the low of the week.