The bullish surge carried over from last week, as all three majors closed higher on the session. The last two trading sessions have seen more bullish participation than we have seen in a while. However, we should continue to stay cautious and treat this as a bear rally for now. Although the last two moves higher are impressive, they came on below average volume.
We could see another round of selling if the bears decide to step in later this week. Keep an eye on this bullish move as it approaches resistance levels – we could see bearish opportunity with confirmation of a reversal. With any market action, we need confirmation first, so stay patient.
Have a great night,
Maverick Trading
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