We broke out of the wedge that I had signalled this past weekend, but have still respected the lower trendline of that wedge even after breakout, as you can see in the chart below.
At US close last night we struck an long ambush area in the 4440s, from which we bounced off slightly as we reached as high as 4469 on the bid since then. Look out for pronounced weakness below the 4470s or else a buy signal again in the 4430s and the 4440s.
As mentioned, I'll be off the desk most of the day, I'll keep my small long for now and either let it ride if we move higher or get stopped out at a small profit. Regardless, I would still advise to be cautious on trade size, stop loss distance and profit objectives. Daily momentum is now positive, but intraday momentum is mixed.
