Finally, some movement beyond the trading range!
Friday’s action was very constructive. The high volume bar looks like confirmation of the move beyond the inverted head and shoulders.
If this is a new leg up it could extend beyond 1400. The first challenge area for price will likely be the 1360ish area (S&P 500) followed by the 1380ish level.
I’m long the SSO. If the futures and early trading stay positive I will add a couple more small positions on Monday.
The gap at the 1290 – 1300 level remains, but I think the one near 1350 will fill first.