The market shot out of the gate and made just about all of its gains in the first 90 minutes then flatlined for the rest of the day. That's the type of day I try my best to avoid because I usually get chopped up. Here's the QQQQ intraday (30 minute candles):
Despite the flatlining it was still an impressive showing for the bulls. Volume increased and there were many positive technical developments. The indices now sit just below theie March highs and their late February gaps. Just a small move up from here could cause some serious short covering.
The Nasdaq popped above its 50-day moving average and the top of that triangle I pointed out yesterday.
SPY shows similar action, with the February gap looming.
The Russell closed above its March high.
Even the banking index recovered from the trendline and 200-day moving average breakdowns I showed yesterday.
Everything's up again.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up(+) | Up(+) | Up |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
