*** TA Update ***
The market made the largest one day rally (point-wise) in history today, I believe, with the Dow up 889 at 9065 now. The S&P500 and Nasdaq also rallied about as much percentage wise, as the Spx rose an amazing 91 points at 940.
The NYSE a/d was 7/2 but the up volume swamped down volume at 19/1, indicating extreme accumulation, on moderate volume of 1.7B shares. The volume was actually moderately light for most of the session until the last hour.
The Nasdaq a/d was 20/9, while up volume beat out down volume by 7/1, on moderate volume of 2.8B shares.
The NYSE McClellan Oscillator rose 44 to close at a -9, while the Nasdaq Oscillator rose 38 to -27, so these two could turn positive above the zero line with one more strong rally day (a moderate rally day could do that for the NYSE) or two moderately positive rally days in terms of breadth, for the Nasdaq. The 10% indexes are rallying too from extremely oversold levels.
Materials and energy stocks rallied sharply along with many other sectors as the rally was widespread, surprising me, especially with regards to the strength of it.
It would not be surprising to see further strength tomorrow (due to today's very strong close) with SPX resistance at 1,000, and at 1,044, a prior high.
Crude oil contracts did not rally as much but was up over $2 to close at $65, while the USD fell sharply, down 1.37 at 85.88
If volume can increase to heavy during rallies in the next day or two, that could confirm that this rally will have legs.
But in the very short term, the trend is up for strong relative strength stocks and the bottom is in, for now.
drbob |
