First off, I’ve got to send out props to Minyanville for putting together an all-star cast of diverse market commentators who are also real-life traders. I’m a big fan.
The “cup and handle” formation is a classic bullish setup though the shortened holiday week this week may not see enough volume to fulfill the setup.
Jason Goepfert, however, points to the fact that most traders are leaning the other way:
These type of indicators are typically good contrarian signals. In short, the technicals and sentiment are both pointing higher right now.