We’ve been keeping an eye on COMP lately, as it has often been a solid indicator of froth in the markets. It recently reached our next upside target of 15,667, continuing up to today’s high of 15,966.
The gains are especially noteworthy, as just 5 weeks ago COMP completed a very bearish H&S Pattern that targeted a drop through its 200-DMA for a 11.4% selloff from its Sep 7 highs. Instead, it joined the everything rally which began on Oct 4 and began a 10.5% climb.
Does this rally have legs, or is it ready to roll over?
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