The dollar is flat. Oil is down; copper is up. Gold and silver are down. Bonds are down.
Big news week this week. Lots of earnings report. FOMC Wednesday. Employment data Friday.
We’ve gotten some big earnings-related gaps, so you’re rolling the dice holding into a report.
The market’s long term trend is solidly up and not showing signs of weakening. Even if a top was being put in place (no evidence of this), it would be months before the market actually headed south because tops take time to form.
The market’s short term trend is trying to re-assert to the upside. The indexes have been mostly range bound the last 2-4 months. The Nas has clearly broken out. The Russell 2000 moved to a new high last week but then fell back down on Friday. The other indexes are near the tops of their ranges.
Bias is clearly up. No reason to be anything but long. More after the open.