Both the Stochastic and Relative Strength Index (RSI) oscillators have headed north, for the time being, showing continued
signs of bullish momentum.
However, this market is in the midst of a strong uptrend with a
lot of bullish momentum behind it and we see no reason for that to change this week.
Relative strength on the intraday chart has broken above 50, a level that is generally associated with the
return of bullish momentum, while the MACD has returned above zero.
Without the higher lows or downtrend line break in place, all we have is a chart in a downtrend and showing no
signs of bullish momentum.
These are signs
of bullish momentum.