Here’s the short-term pattern for the next few days
Nasdaq Powers Rally
Today was another up-session, particularly on Nasdaq. The day started out
with a big gap up, led by Nasdaq, with a very strong move right at the get-go
that saw the NDX gap up nearly 15 points. The S&P opened strong and moved up
sharply as well, then they backed and filled, retested successfully and moved to
higher highs.
Despite the fact that the NDX powered ahead and broke through key short-term
resistance at 1619-20, moving up as high as 1626 1/2, the S&P barely made a new
high, and at that point the lack of thrust in the S&P and blue chips caused an
afternoon rollover.
They pulled back, accelerating down to near the session lows on the S&P before a
late snapback brought them back into positive territory. The NDX never got that
low and closed in the upper third of its range for the day.
Net on the day the Dow was up 50, the S&P a little more than 5, the NDX up 22
1/3, and the SOX Index was up nearly 2 percent today, or 8.31. However, that was
about 4 1/2 points off its earlier high.
READ MORE…