As explained in yesterday's daily, we were ready to open a half (long) position if/when the market would be able to trade for more than one hour above the 1300 level. So, we opened (today) a half (long) position at 1302.09.

We explained 2 days ago that if the market was able to move above the low from the 18th of May, it would be very bullish. The market did it today:

Our Sigma Breadth Index closed in positive territory (+6) for the first time since the 29th of May.

The Sigma Trend Index closed at '-1' from '-13'. But the most important move (today) was related to the swing factor moving from '3' (neutral) to '5' (very bullish):

Conclusion:

It looks like the market started a powerful rebound and we wouldn't be surprise if it lasts a couple of days. We believe that the area 1335 - 1360 is achievable.

Current position: 1/2 long @ 1302.09 (Stop loss @ 1289)

Have a nice day,