After blogging yesterday about the S&P500 looking like it was setting up a triple top, we can see why it's important to wait for confirmation to take action. After all, this is a bull market isn't it? Well, at least I was right in one of my assumptions yesterday (I never thought I would be quoting myself); "Of course, I could be completely wrong and we could see a huge bullish engulfing candle that bounces off its trendline [though that didn't take place], and takes out the previous three highs, in which case hindsight would have proven my observation incorrect (though that could set things up for a head-n-shoulders pattern)." And there ya have it! A huge bullish engulfing candle that took out it's previous three highs and settled in all-time high range.