Bulls Make Back Early Afternoon Losses

It was another good day for bulls, particularly for the S&P. An acceleration in weakness brought about in late morning action was reversed with steadying buying over the last two hours of trading.

The S&P has been range bound since early December. Today's action didn't change that, but it suggests the breakout - when it comes - will be higher.

(Click on image to enlarge)

SPX_Jan11b.png (620×800)

The Nasdaq also felt pressure with it own sell off. Volume was down on recent weeks, but it was enough to keep bulls in control. 

(Click on image to enlarge)

COMPQ_Jan11b.png (620×800)

The Russell 2000 had a quiet day, registering just a 0.05% gain. The best of the news was it not drifting back to support, where the risk of a major breakdown lurks. 

(Click on image to enlarge)

RUTX_Nov11d.png (620×750)

For tomorrow, look for bulls to continue their good work.  The Russell 2000 looks least likely to do anything exciting, but the S&P (and Dow) is well positioned for a breakout. 

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.