ST trend: up (with potential pullback coming)
On Thursday we were mentioning that the ST trend was up, as after Wednesday's big run the o/n saw just sideways chop, but buyers still managed to muster higher highs. The market delivered as it had a run up just after RTH open and then camp in a tight range, before pulling back into the close.
The o/n today looks very similar to Wed-Thu o/n from last week. Sideways chop in a tight range, but with buyers pushing from time to time and achieving higher highs. FGSI is at extreme optimism, so a ST pullback is possible to "reset" FGSI. As usual, if the danny line is broken, next support would be 400bar MA. IF 400bar MA also fails to hold price, then another ML back-test is possible. If either of those upper lines holds, then more immediate upside is possible. We are close to the prior ATHs, so if 4730-4740 area is broken through, then we could see another squeeze higher before a consolidation.