1. We have broken above the Ichimoku cloud this should in theory create support for the market. Thus this becomes an very interesting location to keep an eye on. If we dip below the cloud look to see how price acts on a test to determine if this is now resistance.
2. We are again looking bullish on Ichimoku other than the Chikou which is trading below price still.
3. Looking at the longer term picture we are beginning to develop a head and shoulders pattern on the daily chart so I wouldnt be surprised to see a price start down, but remember this will need confirmation. We like trading trends and we are in an up trend thus to short we will need confirmation.
4. As usual be on the look for a gap fade situation in the morning and keep and eye on the TICK, TRIN, and TIKI.
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