Following up on this weekend's update, below is the DJI chart showing price rising well into the reversal window, much further than anticipated, but, still within normal range for stopping and reversing. As price rises, the farther it will have to fall to make new lows. There are still three weeks to go to February expiration. Market strength the past few days increases the likelihood of the Fed raising rates sooner and higher. It was only market weakness into last Monday's lows that kept them from acting on Wednesday. Look for an unexpected news event to kick-off the turndown, whether higher rates or something out of the blue.
