It’s a good thing the signals are automated, otherwise I would have thought today’s signal would be xFF. Despite the flat signal, trend following is active from a number of strategies long perspective. Em3, the best trend following strategy, is not trend following however,
The opening gap today was even more ridiculous than the ones last week. It took out the double top formation. I mentioned 362 as the “normal” target for the advance from 319.80. awhile back. The idea is that 320 to the 341 neckline is 21 points and 21 + 341 = 362. So that eventually came to pass.
Probably a little caution is called for here, but isn’t that always the case.