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The market had a nice follow through session given the extensive rally and overbought conditions. As we are aware from June’s late month 8 day surge, the market is capable of such rallies.
Right now it seems the market continues to move up on increasing expectation for further stimulus (in fact some banks expect it). This was the case today as the FOMC minutes were interpreted as bullish overall.
Looking ahead the buy signals from last week still are in focus and point to higher prices in the short term. However, a contained pull back would be considered healthy at this time. Bulls are looking for low volatility, horizontal price action as the best case scenario for working off some overbought readings.
Tomorrow’s Economic Calender: ADP employment at 8:15 AM, Chicago PMI at 9:45 (forecast 53%), and Factory orders at 10 AM (forecast 2%).
Trying some new added commentary today so please feel free to share your thoughts via comment. Stay frosty out there!
|Trend||Nasdaq||S&P 500||Russell 2000|
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.