The market was able to withstand an attempted afternoon sell off today and closed on its highs for a change. Today's action had the major indices all closing at 6 day closing highs. Additionally the Dow and S&P 500 were able to close above the intraday resistance of the last three sessions. If I had to find one thing wrong with today's rally it would be that the volume was just a bit lower than yesterday's volume.
Worden, in tonight's report, made the following observation about the intraday charts:
I found the hourly charts exceptionally interesting as of today's close. All three of the averages broke out on the upside of a five-day base. All three had positive divergences in MoneyStream and TSV at yesterday's bottom. In doing so they all broke above their 50-hour moving averages. None of the three had been above that average since March 9. So in terms of intraday analysis this is a marked change of character. It is likely to have some Short-to-Intermediate-term legs.
A change of character indeed. Things should be very interesting going into Friday's jobs report.
Oh yeah, T2108 sprung back over 20 to close at 26.98...
