The Dow 30 have reached the target area identified after yesterday’s long-entry, and the S&P 500 is not far behind.
Both the Dow and S&P are getting close to pushing back into the upper most significant range. If these markets can achieve this and hold these levels, we will no doubt see an acceleration of buying interest as the perception will be that the all-clear horn has been sounded once again.
The big fly in the ointment is the Nasdaq. Where the NYA (NYSE Composite Index) has already regained and surpassed the January 19th highs which set the top of the last down leg, Nasdaq has not even regained 50% of that last drop. Perhaps Nasdaq can pick up steam if the broader market manages to regain the uppermost trading range, but if not, we should use that occasion as a caution for all markets, like a canary in a coal mine.
05.02.02 11:39 #