Who expected such a large recovery would occur today? Let’s take a peek at some of the daily chart action in the broader indexes for clues as to why this intraday rally was so remarkable. First, the Small Cap Russell 2,000 daily chart: As mentioned previously in Small Caps Strongly Outperforming, the Russell 2,000 Index…
The US Markets remain trapped beneath their 200 day moving average but above their rising 20 period average. A breakout is likely, but in which direction will it occur? Let’s look at the SPY (S&P 500 ETF): The 200 period average is declining while the 20 is rising, and price is in a strong uptrending…
Today’s intraday action began with the promise of another trend day in the market, but ended on a terrible note, reversing the action into the close and causing a cascade off intraday highs for most stocks. Let’s peek at the action via the DIA (Dow Jones ETF): Trend days often start with an overnight gap…