Chart shows a nice reverse H&S, closing a 4hr candle above both the neckline, and key level 1722.
We can expect a continuation to the 1765, and possibly even further to 1800 depending on the FOMC rate decision later today.
Price has broken through horizontal channel early this week leading to a short burst of impulse buying.
With the lack of fundamentals in the currently heavily overbought market, we can expect a drop to come upon the slightest trigger.
While we cannot predict when the breakdown will be, we can still expect a retest of 2974 (Target 1) some time this week.
Chart has shown a series of higher lows while respecting channel support on a daily closing basis and we can expect price to continue this upward trend.
If you are already long on this trade, the first TP should be at the 50MA where supply will start to come in.
The next opportunity for a long entry would be either at pennant support or when we get a daily close...