Are we finally getting out of the trading range for good? This is the 4th week in a row on the upside. Honestly, after yesterday trading day, I didn't think bulls would manage this performance but they did. DMI turned positive on 60 minutes chart and once again price moved above both EMA25 and EMA50. Even more encouraging we do have a new high on daily chart.
As for resistance levels, we do have the January high around 1150and the May high around 1170. On weekly chart the January peak is around 1145 and there is nothing in between this level and the April high. The only bearish sign on weekly chart is the DMI that turned negative in May and stayed this way since.
However, there is something I don't like, is the negative divergence I am seeing in MACD (there is none on EW histogram). While the market is making new highs, MACD histogram does not keep the pace and as you can see we do have actually a downtrend line.