Bulls can be happy with today's progress. What weakness emerged today was reversed by the close, a change on yesterday's action where sellers dumped in the last few minutes of trading. Volume climbed to register an accumulation day.
The S&P finished at the 50-day MA, but beyond that there is plenty of room beyond that to run to the next level of resistance at 2,045. Technicals are net bullish.
The Nasdaq pushed off its 20-day MA and has another 50 points of maneuver before it gets to its 50-day MA. Technicals are not yet net bullish, but they are close.
The Russell 2000 also made good progress, and is now enjoying a relative gain against the Nasdaq (but not yet the S&P). Next up is the 50-day MA.
The Nasdaq 100 will be the first index to challenge a major resistance level as it comes up against declining resistance established in July and August. It's also attempting a push into the early summer base – the first of the lead indices to do so.
For tomorrow, bears will be watching the Nasdaq 100 and S&P for an opportunity, but a bright premarket might see a good run in the markets for the rest of the day.
