The market closed today leaving many indexes right at key resistance levels. The volume was pathetic today although $TRIN was pegged at extremely bullish levels throughout the entire day. I said around lunchtime that today was a pure trend day and that is exactly how it played out.
IWM closed just below its 50-day SMA.
QQQQs are right back at 2009 highs and resistance at $43.50.
I give less weight to the Dow than IWM and SPY but it does look very bullish. The 50-day SMA pushes the index up over the $100 mark.
Finally, are most important chart. I mentioned yesterday that it was a forgone conclusion that the Mar-July 2008 lows would be tested. This equaled immediate term strength but likely some sideways or downward movement in the market once support was reached. We have just a little more to go before the Dollar finds support.
After today, I’m a little short although it isn’t because I’m predicting a turn. Many of my short hedges are right near stop out points and I’m just going to let the market do its thing. So if we get another burst higher tomorrow, I’ll likely end up net long. With the Dollar approaching support, I would likely sell off some long positions at that point since I would not want to have a long bias.
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JoeMarc
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