OK, everyone is back to work. Let's celebrate (till the revisions of the revisions come out). Add to that the astounding GDP and we're in a real live recovery (pay no attention to that mountain of debt behind that other mountain of debt over there). Bottom line is that the Fed and government want the market to go up and so it will.
Employment data spiked the minis right to the resistance diagonal and to just under the resistance I have at 1104. Not sure what load of crud Barry is going to deliver in his speech later this morning, but since I can not stand to look at or listen to him, you'll have to tell me what he says.
Writing the below is totally against everything I believe in and know is right.
There has been no retracement to speak of. This move blows price thru the 61% retracement off the 1130 top. There should be some sort of pullback before (puke/cough) further strength. The minis stopped right at the upper diagonal that should be defining the upper range of this move. Is it possible that price (the Fed) wants the new upper diagonal that is formed from the 07 across the top this year near 1150? Based on the weekly chart below it looks to me like we're in C up of the ABC corrective wave 2 of P3. The daily charts are very bullish as well. Chart is best viewed HERE.
Have a great holiday weekend and stay safe. Thanks for the views and support.