Positive news from Japan put pressure on bears, leaving them running for cover as the past two days of weakness was consumed by strong buying.
The S&P was the big winner as it powered higher, clearing six days of tight trading. For now - at least - the pending MACD 'sell' is stalled.
($SPX)
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The Nasdaq negated a bearish sequence of days; pushing new highs on higher volume accumulation.
($COMPQ)
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The biggest winner on the day was Small Caps. Yesterday's losses had threatened the trading range breakout, but the breakout was restored today. Technicals remain strong.
($RUT)
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The Dow is back at channel resistance so is looking vulnerable to selling tomorrow. On the plus side, there was a 'Golden Cross' between 50-day and 200-day MAs.
($INDU)
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It's back to square one for bears, bulls can probably afford a couple of down days and still maintain control of the market. Look for a mild down day as today's gain is digested.
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