As we said last night, the activity in the stock market should pick up today and we are seeing that coming into the US open. Volatility is increasing.
The Weis Wave shows buyers in good control of the market. Volume is clearly coming into the upside. We are coming into a structure supply point here, so we will see how the market responds to it. There is news due shortly this morning, too. This could change the game, and the Weis Wave will pick that up quickly enough if it does. But right now, buyers are dominant. Key levels of support now are 1292 – 1289 (highs of last two days) and, of course, 1283.50, which now becomes our line in the sand.
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