Short post today because I have to run to a family member's athletic event. Today was obviously a very strong day on Wall Street, with the market seeing a steady and smooth move higher right from the opening bell. Volume looks to be heavier on the Nasdaq but heavier on the S&P.
I said yesterday that I will be watching closely to see if the market recoups Tuesday's losses quickly or if they can't bounce back much at all. Today was a good sign for the bulls but I don't know that it is an "all-clear" signal. The potential still exists for a lower low being put in near the current levels if the markets don't continue to bounce tomorrow. As I look at the Nasdaq and S&P charts, I am also seeing a potential head and shoulders setup on the 60 minute charts. Who knows if that will play out but it is a possibility I am considering here.
I didn't make any moves today - actually I see just as many stocks that were down today in my watchlist as were up, and that is a bit odd. BYD had a nice move higher today over some very key resistance - that is one I have pointed out for a few weeks now - but volume wasn't quite as big as I would expect for a key breakout. I may look for that on a retest of the breakout area rather than chase here.
Gotta go - still up in the air in my opinion. Good luck Friday.