Looks like it may be today if this apparent gap up holds...
Should it hold, this should be the beginning of POR...once it takes out 27300 area, then should accelerate upside...
If this were to gap up and reverse back down, then that would likely be a swing sell. Important action here today.
Here is Dow hourly. An upside gap that sticks turns the hourly back into full on bull mode, as the 200 would likely cross up over the 900 relatively soon.
The laws of physics say that you cannot have full on bull mode on a time frame until 200 is crossed up over the 900, and both are rising.
A powerful surge starting today would soon have Dow hourly in that configuration.
And here is Daily showing how very important the 27300 area is...note also how Dow Daily never even made it to a full bear configuration with 200 under the 900...not even close. This looks more like a massive shakeout that was quickly recovered at this point.
Important to note that thus far Dow has only managed to back test the 200 at this point, so if this gap up does not hold, then there is still a possibility of a sharp break down from here...that could eventually lead to an actual bear market configuration. But if we close strongly above the 200, then the 2nd stage thrusters may be about to light up, and if 27300 gets taken out, bears can fugeddaboutit
And here is the futures hourly...a gap up and hold today would re-invogorate the already ongoing bull market in this time frame, after a picture perfect back test of the 900.
Edited by K Wave, 19 June 2020 - 07:40 AM.