Its been an extremely bullish start to the trading day. Much more bullish in the long run that what even a gap up would have been. Whenever a market refuses to go down inspite of bad news, like the really bad confidence numbers that came out this morning, it is a really bullish sign. The other encouraging aspect of this day so far is that the market reversed off clear support levels.
S&P - Bounced off June highs. Did not break Friday's lows.
Nasdaq - Also bounced nicely off June highs.
Russell 2000 - Watch out for another attempt to break out of the multi month trading range.
Now, if only the financials would turn green too. Is that asking for too much??
Good Luck for rest of the trading day!
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