Breakout

Yesterday had a breakout of my box pattern with a close above 1150 on good volume in the market. This should signify that we have another leg up of approximately 25-30 points as this setup is one of the most reliable there is. I teach this in detail in my seminars and provide trade recommendations in my daily advisory service. Many times you will see exactly what happened the last two days. The box will test one side or the other and travel to the floor or ceiling in quick order to initiate the breakout. Although we did see better volume yesterday, we did not see any real plus tick or buy programs as we netted a +3 reading on my Cook daily CCT indicator. This would seem to indicate that we are in for more upside until we get more high plus tick which would indicate that money from the institutions is starting to flow in. The breakout yesterday might provide the fuel this market needs to do just that.