Note

Last week, the market had traded down to a key level that I was watching for an oversold bounce to develop from. The market obliged and we had a nice size rally into the end of the week, closing at our highs of the week.

We are now short term overbought and approaching a key resistance level, in the form of a Fibonacci cluster made up of the 38% retracement of the big swing down and the 62% retracement of the shorter, more recent leg. this will likely come into play as a ceiling, requiring the market to build up some steam before busting through.

I still feel we have more upside to be seen on the intermedate-short term time zone. I do not believe we just straight crater from here, but I'm surely not going to go on my beliefs, and instead go with the market.