SPX continued to grind higher and once again made new all-time highs today, which was also the expectation based on yesterday’s post. I mentioned how SPX had a pretty clear path to the upper end of the expected range, and there was high probability that we gravitate towards that level.

SPX hit 6147 today and closed at 6144. We are about 40 points away from the 1 standard deviation upside move at 6186.

The daily candle stick pattern also looks healthy for the bullish scenario. We keep popping into new highs and are closing near the highs of the day in back to back trading sessions, and 3 of the last 4.

On the hourly chart, we can see a break out of the bull flag that was forming since early Friday.

Zooming into the 5 minute chart really highlights the bull flag and the break out of it, forming a pretty strong trend.

The expectation is that we continue to grind higher towards 6186. The market has been pretty efficient about the expected move for the last few weeks and I don’t expect anything different this week.

As we continue to grind higher, retests of prior highs need to play support in order for the bull run to continue. 6114 is a key level to watch for on the downside and breaking below it with momentum could send us to 6100 or lower.

Moving onto AAPL, we can see a potentially new bull flag forming here as well. AAPL has shown some strength recently and is now caught in a narrow range between 243 and 246.

Given the price action prior to this bull flag, the expectation is that AAPL breaks out to the upside. It’s a pretty steep drop below so in the event we do break down, we could be headed towards 226 pretty fast. The signal on AAPL right now is neutral, and breaking up is bullish and breaking down is bearish. A break of the current flag is the entry point.

NVDA in the mean time also seems to be consolidating. It is holding up strong and has not rejected the gap fill with any conviction. We are still hanging around the 140-142 level on NVDA.

We are still in the dead center of the upper grey box, but are running out of room based on the new possible trendline from the recent lows. NVDA needs to break out soon or there could be risks of a pull back. Overall the signals are still bullish, but there should be some caution in mind.

As for GOOGL, it might not even be worth posting updates for it because it seems to do nothing. While it was up nicely today, we are still hugging the red line for dear life.

Can GOOGL finally escape 185 for good? I would like to see a test of the grey box if there is a bullish scenario to play out but until then the target is still lower, around 175.

TSLA has found some stability but is unable to sustain any rally. This is still bearish and the charts are still bearish of TSLA. We don’t have any momentum to the upside and the recent bounces seem more like a consolidation than anything.

If TSLA breaks over 382 then possibly a case can be made that we have bottomed for the time being, but until then the target is still in the low 300s.

Overall for the markets, the expected grind higher continues. I spoke about it in my weekly update as well as throughout the week so far. There is a pretty clear path without much resistance as we head towards 6186.

We are fast approaching the end of the week as well as monthly February expiration. We should see an uptick in volatility over the next 2 days, but overall the trend is still bullish until the market tells us otherwise.

Stay tuned and good luck!