Yesterday's gains were very impressive, especially in light of the fact that the indices were (are) overbought and appeared to be struggling. The S&P 500 made a new closing high for the year and is less than 2 points away from its 2004 intraday high.
The Dow finally joined the party and took out its downtrend line and its 200-day moving average.
The NASDAQ tested 2000, looked like it was going to roll over and then shot back above the line, probably trapping a lot of bears in the process. SO the technical picture is looking pretty bullish. I like the fact that I'm hearing & seeing a lot of disbelief in this move higher. That, to me, means that there are plenty of potential buyers out there.
