Adding to this is the fact that cumulative breadth is now at new highs too which would suggest that price will also be following through in the not too distant future. Other positive signs were that bonds sold off a bit and commodities have recovered. Other risk assets like the AUD also turned up. We also had leadership from the small caps and tech as other confirming indicators.
In the short term we are now overbought so I would expect some bracketed action in terms of day structure in the futures. I would be inclined to trade with the locals in such a scenario as there may not be that much conviction from other timeframe buyers today unlike yesterday when the locals got run over as paper orders steadily came in throughout the day forcing the locals to cover.
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