The market has been in a rally for the last week, so now's a good time to take a look at the longer minute charts to see what they look like.
So far we've had two upswings followed by sell-offs. The first occurred from the beginning of last Tuesday to the beginning of last Friday. The second occurred from the beginning of last Friday to today's close. Notice the importance of Fibonacci patterns to these swings, as prices retreat to key Fibonacci levels.
Notice the following with this chart:
-- The uptrend is firmly intact.
-- Prices have retreated below the 200 minute SMA and bounced back.
-- 128.50 is a key technical level.