Thursday, June 10, 2010

Stock Market today

If you were long, I am sure you enjoyed the action today. The market closed close to the highs of the day, which is always encouraging. 

Next resistance on S&P = 1090

The Nasdaq also showed good action today, with the bulls, importantly, reclaiming the MA(200).

I hate to be the bearer of bad news today dear readers but the bears have gotta be liking today's action too. Why, you say. Well, the answer is right in front of you dear readers. Have a look at both the charts again. Did you get it? Well, if you didn't get the answer, here are a couple more clues - charts of two of the market leaders throughout the rally, Apple and Amazon. BTW, as an interesting side note, AAPL closed right below MA(50) today and AMZN too out MA(200).

But back to the main topic of question, what strikes you as bearish when you see all the charts put up in this post? What aspect of today's action will have the bears waiting patiently on the sidelines rubbing their hands with glee?

Take care and good luck!


The Average Jay said...

I going to say the volume was not there. In fact it is trending downward.

I added your blog to my blog roll. Hope it drives some folks your way. That was a great post.


positiontrader said...

Yes Jay, volume is indeed the correct answer.

And thanks! I shall check out your blog too.