Today reminded me of one of William Eng’s trading rules: Bear markets have no supports and bull markets have no resistance. The market sliced through the mid-May’s overhead resistance as if it wasn’t even there. In doing so, the head & shoulder pattern that I pointed out Friday was invalidated. Led by the NASDAQ, with a 3% gain, all the indices notched new highs for this 2,003 rally. This was definitely not a good day to be short. (ouch!)
