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We are continuing to see the global market swing change; S&P momentum just turned Long, and four out of six global drivers are in the process of moving from Short to Long, with a Mixed reading right now. Reduce the lot size until we get all in alignment, but expect more of the same this week.
The whole market is overbought on the 4 hour momentum reads, and starting to look as though a near-term rest may be required before large order flows will get back into the market, and allow the next legs to more easily be taken. Unlike recent times however, it looks as though these break-out moves are well enough backed to allow a pull-back that does no turn into a fully-fledged reversal.
We are looking to a test of global market support on oil, gold, equities, and currencies before we can technically get too much further without then getting the overbought volatility wobbles. It will be a steadying sign to have an orderly pull-back. There is nothing wrong at all in ignoring the initial swing change break, because after all, at inception who knows whether it is just another failed channel break reversal.
What there is an issue with, is watching a contained pull-back that offers the chance of then getting onboard for the main ride, that then sails past everything on the new leg of the new trend.
If you missed the overnight breaks that the Trade Plans all had covered, do not worry, it is coming back to pick you up. The Fed will make sure of that, with their Minutes, and TheLFB Trade Team will be looking to get on the pull-back.