Or do we? Very extended short term action and neutral positioning on the weekly chart below, has us unconvinced at this stage. Don’t get me wrong, we’re long and it is going a lot higher. There might be better opportunities to get in short-term.
A confirmation above the rectangle’s resistance is the signal for more upside immediately.
A pullback to 117k wouldn’t do much structural damage but certainly below 107k would prompt re-evaluation.
