The rally looked to be running out of steam around 5,800 but a late surge on Thursday, backed by momentum, quickly changed that. Unfortunately though, we've since seen a pattern on the 4-hour chart which begs the question, is 6,000 a step too far? Is there really good reason to be this optimistic as we head into the most horrific season in years, probably decades?
The momentum indicators will be key for me here but a break would send a strong signal and suddenly 6,200 doesn't look too far away, where it found resistance last just over a month ago.
The big level above here though is 6,500. That may be a step too far at this stage, although a lot of bad news seems to be priced in - based on the free pass the horrible data we're seeing is getting - and there is an unprecedented amount of stimulus floating around this system. The usual rules may not apply. season will be the true test of this.
A break below the rising (granted - only two touches, but useful none-the-less) may signal that some profit taking has kicked in and patience is needed. If so, that's fine, it's been an impressive rally under these extreme circumstances.
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