We're just coming out of a correction, so I would expect numbers like that for at least for a couple of weeks. I follow the NYA/R2K/TRAN/SOX indices to see the actual near cash money flows. As well the the DOW/SPX/NAZ/NDX. All have made new highs but the NDX/SOX. The market breadth is still good. Market looks fine IMO.
You're an incorrigible "bull"... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1017417>
Did I say that? Not exactly. I'm bullish how can I be in cash I'm long the NQ and the 2yr for over two weeks now. Own the Q's from last year still and some techs, etc. Added GOOG recently ($340), and looking seriously at AAPL. I put that picture on my blog btw...
THX I'm enjoying your picture, and so are my EW buddy's Might as well pop in an update: SHORT TERM: We have a couple of upside gaps: acceleration. The market opened on a gap up today and for the first time in a long time, the gap wasn't closed, and the market just kept on rising, hitting the highs for the day around mid-afternoon... I've added a NDX 15min chart to the photo section to illustrate the two upside gaps today. Also note, we made a slight divergence in RSI at the 2 PM highs today and are overbought on the MACD. In a strong uptrend, sometimes these signals are ignored and the market just keeps on going. However, I'd expect some softness early tomorrow to work off these overbought indicators to a neutral level before we start rallying again. http://spaces.msn.com/caldaroew/
... the SPX has had trouble eclipsing the 1310 level. I'm posting the SPX60min chart in the photo section for your review. The SPX was repelled by this level several times between March 16th and 21st, and then again on the 30th. Since it is within the proximity of the SPX 1316 long term EW pivot point, it is a level of paramount importance. As a result of these constant failures, a potential fifth wave diagonal triangle is forming in the SPX daily chart, also posted in the photo section. If this does come to pass, a sharp selloff usually occurs upon its conclusion, so its worth watching the SPX action over the next week or so. Conversely to the potential negativity of the cyclical group, the growth group NAZ/NDX, are progressing gradually in their impulse wave uptrend. It appears they are both still in the third wave of this five wave advance and thus should lend support to the overall market as they progress... http://spaces.msn.com/caldaroew/