***** TA Update (intra-day) *****
The markets opened higher, then rallied quickly until profit-taking started, with the Nasdaq reaching 2208 before declining. If the market internals hold up which appears likely, then the Nasdaq should retest 2208 and may test the prior high of 2232.
The Nasdaq TRIN is a very positive .44, with the 60 minute stochastic crossed up, probably due to the very low readings from yesterday and is probably not a negative signal yet. The 30 minute stochastic is neutral now.
The a/d for the Nasdaq is a little more positive than yesterday at 21/13, up/down volume is 5/2, on overall volume of 940M shares, which projects to 2.0-2.2B shares, which is moderate.
The NYSE TRIN is a positive .75, with the a/d of 17/12, and up/down volume of 3/2, as it is not as strong as yesterday, which is to be expected after such an extremely strong rise.
The rally should continue for today with a firm close, and perhaps we will get more profit-taking on Friday. This weekend's TA will be important to portend the next major intermediate term trend. The Nasdaq now has a better chance of breaking above 2232 and perhaps 2300, but the technicals should provide the key to that possibility and to the possibility of a reversal of this up trend in the near future. |
