Strong Upward Momentum

Short term the market is extended, but that is not a reason to sell short. Buyers control the momentum and pullbacks are very brief, indicating there is still strong demand. This market could continue up towards the 61.8% retracement of the “election high” to the recent lows, that level is approximately 30.65. Above the Fib level is the declining 50 DMA near 31.20. If you are looking to sell short, you are early.