Downtrend?

The CMI may decide to flip and jump on the rally but consider the fact that an overbought market coupled with trendline resistance could spell the end of the bear market rally. See the chart below.



No doubt that recent news could carry this higher but I would be hesitant to go along and would wait even if a buy signal was triggered. If prices bust through the trendline with convincing volume, I would still like to see some consolidation before entering a trade at this point.