Trend Up, but Some Indecision Here

While there are pockets of strength that should now be freed up to trade slightly independent of the major indices, major indices are up against daily resistance levels and it is yet unknown whether we will get a break through to new highs or a re test of support. Our scans don't give us an edge here on the direction the market will take and they essentially confirm indecision. The bottom line is that the major uptrend is alive and well and we expect gains to continue over the next few weeks. At the same time, the immediate trend could either reverse back near Friday's lows or could break to new highs. A move back to Friday's lows should be considered a buying opportunity. A move below Friday's lows would be bearish, but such a move is not expected.