Last week we were looking for evidence of an exhaustion of this trend. The time period had run out but due to the nature of the “PATTERN OF TRENDING” there still needed to be that move up that was a little more vertical and a few more days up than the previous recent multi day moves up. I thought 1393 would be the price level and the index is a few points short of that price. If the index can close below 1370 it will go a long way to indicate the exhaustion is complete. Moves against an exhaustion style of trend almost never exceed 3 days and the index is down one day.
Personally I believe this trend may have exhausted or is within a few days of that completion but no real evidence yet just a probability. Nobody should look to sell or short a high momentum trend without at least a lower high present.
