Equity Rally Continues

Settles for today

As we touched upon in our prior post the markets continue to rip higher from oversold levels and now we are nearing some upside technical areas of interest. As we have noted time and time again, selling this market over the last 2 decades has been a widow maker trade and this time off the lows hasn’t been any different. The Nasdaq is up from 13000 to now trading near 14650 a nice 12.6% rip the head off the shorts type of move:

However, we know the 100 eMA is going to have a say so here, so we like downside probes from here and selling rallies up toward the 14700/800 area. We feel all bear markets come with massive rallies like this and well this time is no different. NOTHING HAS CHANGED as we posted yesterday.