Last update warned that the near-term trend remained up, and yesterday, bulls launched a rocket over near-term resistance, finally clearing the rising chop zone the market's been stuck in for the past couple weeks.
Accordingly, it's best to pull back and look at the next potential resistance zones, in terms of the bigger picture:
There's really not much to add to the past few updates. As I've been warning, bears should refrain from getting excited unless/until we see an impulsive decline, which would indicate at least a larger correction to the rally. Especially since, as I outlined on Jan. 9, there's really nothing to prevent this wave from ultimately reaching new all-time highs.
I think all readers know that I've always labeled the current all-time high as a B-wave -- and most know that means I have always believed it's a corrective high (corrective highs are always retested or bested), not the final end of the bull market. One way or another, we do ultimately foresee the market moving higher. Whether the market wants to do that now or later is still the lingering question -- but so far, it's given little indication of weakness since the end of December, and until it does, we have to respect the present trend. Trade safe.
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