Today's rally took the NASDAQ a couple of points above the downward sloping trendline I've been pointing out recently. (Damn those technical traders!)
The S&P 500 looks similar although it broke its trendline more decisively:
So these trendline breaks appear to be confirming what the breaks above the moving averages told us last week -- the trend is now up. On Balance Volume has been looking much better on the NASDAQ for the last week or so, and it's been looking great on the S&P 500 for about the last week and a half. The one thing that sticks out to me today is the low volume. I'd much rather see such a large price move accompanied by above average volume.
