Absolutely no doubt this was a super bullish day, that daily candle is more than enough of a buyers' surge, and the deja vu V-turn off the 200ma has so far amassed almost 80 S^P points in about 36 hours. I had three great trades on the 5m chart - down after the initial surge, then up, and then up again during the last hour.
NQ June Futures contract was even more bullish, so bullish that the disgraced Facebook reversed a 6% loss to finish up on the day and TESLA with the now suspect business model also turned around.
But, surely, the trade tariff problem is not solved, the internals were not indicative of broad participation, the interest rate hikes did not go away, so why will the selling of multi-fay rallies go away?
Could today be merely a relief rally after two huge down days last week that culminated in very negative sentiments ?
Maybe so, but the Bulls have the wind behind them after a great day for them and unless there is a failure at the 50ma, we may see another rally targeting 2800.
Personally, I am not a believer that this is a sustainable rally but I would not be surprised if there is another 100 S&P points up on this holiday-shortened week, end of month, and end of Quarter.
I would also not be surprised if this market runs around on any rumor, bad news, or any excuse to sell the rally.