IWM
Dow
Sp'daily5
Trans
Summary
It was not the most exciting day, but there was certainly some interesting price action in individual stocks.
--
The transports had yet another higher close, and we're now getting very close to the important 5400 level - the March highs. A daily close >5400 would be VERY bullish for the broader market. So, the doomer bears should be very concerned that the old leader..is still leading UP.
A week ago
Last Friday we closed @ sp'1413, after the FOMC spike high of 1438. The fact we broke that high this week remains a troubling issue. I would really like to see a major down day tomorrow, its the last major opex of the year, so maybe the market makers would like to pin the SPY @ 142 ? Yet, we've not had a major decline in around 5-6 weeks. Even a 1% decline tomorrow seems overly hopeful.
A little more later