The markets gapped higher on the open, but the gap was quickly faded. Prices extended lower, beyond the gap fill, to first level supports. Prices stabilized and started to rally mid-morning, eventually extending to fresh 52 week highs. The S&P tagged 1250 which is the full measured move of the inverse H&S bottom from last summer as depicted on the chart above. The DOW did not confirm as it was dragged down by AXP weakness on a downgrade.
On the SPY 60 minute chart below, we see that prices are still consolidating within a tight range. Watch the MACD as it coils on the signal line, which could lead to a big move on light volume.
$USD still strong.
Oil has carved out a bull flag and looks ready to BO. A full measured move on a successful BO, should see $97.00.
AMRN reached the full measured move of the bull flag pattern today and I sold more shares. I'm still holding 20% and will add to the position on a pullback. There's no resistance on the weekly timeframe until we reach $10.00.
AMZN was a HCPG pick. I waited for a low risk entry after the retest of the BO point. Did not want to trade this on the open (too risky). I'm glad I waited.