The bullish surge continued, as all three major markets closed higher on today's session. It appears that Tuesday's move spilled into the last couple days, as we are now nearing new resistance levels. Look to new resistance levels at 17,000 in the INDU, and 2,000 on the S&P.
This surge did come from a breakout pattern and appears to still have some legs, but plan on sitting through a pullback in the near future. Straight call positions should be closely watched for approaching targets. With the markets looking a little extended here, look to combo trades moving forward.
A market extension like this can be compensated for by selecting the correct strategy, especially if you feel late to the game. Just follow your rules and use hedged combos.
Have a great night,
The Maverick Trading Team
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