Today's Markets, Briefly
My internet connection is real slow at the moment, so it's taken twice as long to do anything. As a result, I don't have time to take a look at the charts. One chart I am watching closely is the Percentage of Nasdaq Stocks above the 50-day MA. Today saw a net bullish return for technicals, but bulls need this to hold above 50% to suggest they are in control.
The Russell 2000 gave a taste of what is to come by breaking from the first of its bases. This is good news for the S&P and Nasdaq as money flows into more speculative issues. Next up is 1,220.
The Nasdaq is challenging the January swing high, but will face a greater challenge at 4,810. Technicals still show bullish 'buy' triggers, most recently in the MACD.
The S&P finished the day bang on resistance. Will tomorrow be the day?
Tomorrow looks like it will be left to bulls to press today's advantage. The S&P is best positioned to follow the lead in the Russell 2000, but the Nasdaq is not too far behind!
Disclosure: None.