Based on recent action of the intraday tape on TF, as well as YM, ES & NQ, I would venture to say that should these markets continue to rally and break above their last respective swing highs on the Daily charts, and should they fall back to retest this latest push upwards since last Thursday, then unless ALL of the levels (horizontal while lines) shown on the 30 min chart grid below are not breached, then a bona fide continued rally on a Daily timeframe is possible. However, if they are breached, it is my view that investors' money is best held in cash for awhile. In any event, I believe that ALL of these levels (and possibly even lower to Thursday's low) should be retested regardless of what happens. I would also add that the last Daily swing low on Gold, Silver, Copper and Oil should be retested thoroughly before any further serious "buying and holding" is done, particularly if hedging is the purpose against a potential turn in the Daily uptrend of the equities market.
I appreciate that my observations are limited to my experience in the markets to date; however, this is the best conclusion that I have to present at the moment. I will continue to monitor and daytrade the TF based on what I see and update my conclusions accordingly.
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