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Wednesday, March 17, 2010


[Update 3:45PM: Battle over a new closing high for DJIA]

Stochs and MACD are certainly not oversold here.  Its all about sentiment now.  Higher stubborn prices will result in bullish extremes. Yet most surveys and what not are not back to Jan highs even though the market is overall higher.  That is probably the result of the lagging DOW still under its January high. A new DJIA high should cure that if it has it in it.

Gaps up (or down) at this stage are going to be interesting and how the market behaves after is helpful.  The SPX has broken above 1153.  Now we see if its tests that level for support (a second time) or just keeps chugging higher. 
Most stocks in the S&P are back in the extreme bullish chart configuration. Which means laggards are fewer and farther between.
The NASDAQ indicator again.
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