Wednesday’s strong market put a big crack in the bear case. While there’s still a possibility the Three Peaks formation will work out as I anticipated, the longer the market marks time above support, the better a chance a breakout will occur. rather than a break down. That’s because bearish sentiment builds as the market trades at or close to new highs and that provides fuel for the next bull move. So it’s now or never for the bear to make it’s move. Otherwise, expect another strong move higher.
