Today was a pretty good day for the bulls, although sellers did step in late in the day to push the market back down a bit. The NASDAQ and S&P were stopped at those downward sloping trendlines I've been pointing out. (damn those technicians!)
The NASDAQ chart really illustrates how the bears got trapped by this morning's gap. Just about everybody who shorted yesterday was underwater as soon as the market opened. That's just the opposite of the trapped bulls from the gap down three days ago. Such fun.
I actually like the action from a bullish standpoint. The upper Bollinger Bands may be the next stop for the indices. I snagged a few more longs today and I'll likely look to exit them if and when the indices approach the upper bands.
