Weed is looking Really Strong today. We still had to give some blood after the SPY's poor close. Early on we had a direct correlation with the 30 min chart on the SPY
. However when the day went on when the SPY
went through some mini dumps we didnt even budge. When we finally broke that 26 will we took off. Tomorrow we will meet a similar wall at the 200 day MA. We tested it once and couldnt hold. We should test again. Key spot to watch first thing in the morning if we gap up or blast right through expect a green day. If we bounce expect a sideways day or maybe even a little pullback, Next big resistance is 28.50 and finally 29.00. If we break 29.00 we should rocket straight to 30.00 as there is little in the way from then on. 30.00 looks like breeze all the way to the 100 and 200 hour MA at 30.80 and 31. As long as the market stays out of the news in a negative fashion I am optimistic for another big run.
Keep an eye on that channel a break in either direction could see a big impulse move.