Not sure yet — but his is starting to take on the characteristic “blow off top”. Why do I mention — the market continues to run at 2 standard deviations above the 20 week SMA– the market continues to trade above the extreme zone on the Weekly RSI. That said, as I mentioned the other day, the Daily RSI still has not entered the extreme over bought but is starting to tickle it. Folks just keep buying it (for what ever reason) which leads me to start questioning the type of rally this is. Volume remains neutral and open interest does not seem to be waning. It seems that the target of $4.00 is a desire for a few– I still expect a retracement to assist in forming a base for the annual Q4 run. If it is a blow-off set stops tight otherwise join me in waiting for a retracement to reset length.
Major Support: $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316, $3.198, $3.129 Minor Support: $3.821, $3.508-$3.485 Major Resistance: $3.87-$3.905, $3.955, $4.054-$4.094
