Blast Off

Thursday was a very bullish day that started strong and ended strong. I was quite impressed with the way the market blew thru 741 like a hot knife thru butter. The volume could have been better but still it was bullish. I think we could see some profit taking here soon between 740-760 but if we close Friday above this area then I am very bullish going forward. The rest of the month and quarter for that matter. This rally feels different and I think it could be the start of something.

As for Friday, the pivot is at 735.75 and we are well above that after hours so I think the trade is to buy a pullback to that mid to high 730s level as it will even coincide with a rising 20ema on the 15min chart. We have come straight up to the 200ema on the 60min chart with this big rally so we may get some resistance in this 750 zone but above that and you gotta be bullish going into next week. The bias is long if we are above that pivot Friday.