IWM
SP'daily5
Trans
Summary
What can be said about today?
So, Wednesday closed around 1% lower for the headline indexes, with the Trans/R2K -2%. Yet, today..most of those declines were fully clawed back..and we even had the SP & Nasdaq breaking new highs.
Its hard to know what to say, other than its probably a case of 'normal service resumes'. Fuelled by the regular daily QE-POMO, and aided by those HFT algo-bots. I'm unaware of what the trading volume was today, but I'd guess it was lower than yesterday. After all, the only time there is significant vol' is on a down day.
The transports daily chart is really the only one left that the bears can arguably suggest is still bearish. It has a possible H/S pattern, and the target would be a natural 5500/5400 - equating to sp'1480/70s.
Right now, those downside targets look very difficult to reach, even on a 4-6 week basis.
Unless the bears can see VERY significant downside of at least 2% tomorrow, it now appears the sp'1620s will instread be hit first.
a little more later...