The DJI critical M/A was broken on the upside this morning, confirming the multi-day continuation of this rally. Just a few days ago, the traders' sites were full of people chomping at the bit for a crash. I1 predicted this rally and allowed me to get to cash at the bottom.
I took a trade this morning right at the edge of the DJI critical M/A envelope and exited when the envelope was exceeded and the prior sell signal in force since May 5 was negated. Now I look for daily M/As on the upside to use in conjuction with I1. SPX 1309.70, the 30-day M/A and DJI 12,396, the 50-day M/A.
Meanwhile, due to the "risk-on" environment, the dollar has declined to hourly M/A support from which I expect a recovery to sell into.