It was "all systems go" for the bull case today. Many of the indices powered to new 52-week closing and intraday highs. The Dow also reclaimed the 10,000 level (for about the 10,000th time). There's no stink at all on today's action, volume even increased to (slightly) above average levels. However, it's still early in earnings season and the indices are still extended. It will be important for the good reports to keep rolling in to keep the market afloat.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | 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
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
hi mike just wanted to point out that the corresponding ETFs for the index charts shown above (SPY QQQQ and IWM) were all mostly lacking in volume today
Breaking of 10k was a big win for the bulls. Would be interesting to see if we hold above that level.
Does djia +10K really mean anything to professional traders or is that barrier only in the minds of the retail crowd these days?