(Note: I have to disappear for a couple of days so look for normal posting to resume Thursday.)
Well it took about 6 weeks but the market has reclaimed all of its losses from its one-week drop in late February & early March. The S&P closed at a new 6 1/2 year high and the Russell 2000 is suddenly at another all-time high. I would have liked to see these new highs made on stronger volume but there’s no denying the price action and On-Balance Volume is still soaring on both the S&P 500 and the Nasdaq. (Those positive OBV divergences played out nicely.) Hopefully we’ll get some more volume as earnings continue to roll out and we can see where the market really wants to go.
Here are the charts of the S&P 500, Nasdaq and Russell 2000:
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | 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
Looks like the market will open lower, and it’ll be interesting to see if those left on the sidelines during this move will try to buy the dip. As that has been the winning strategy recently…