Have The Stock Indices Rocketed Into a New Upleg to Start 2017?
End-Dec, end-year shenanigans pressed ES (Emini S&P 500) a pullback low at 2233 last Friday, recording a Dec 13, 2016.
This morning's 17-point upside pop to start the new year has recovered nearly half of the two-week entire decline, and leaves behind a pattern that has the right look of a completed minor correction within a still-dominant post-election advance.
Upside continuation that hurdles and sustains above 2270 has the potential to trigger a rapid acceleration to 2300.
Only a sudden downside reversal and break of 2233 will invalidate my current outlook.