For the S&P, volume picked up to register as accumulation. A test of 1,940 will be interesting - watch for this tomorrow. On-Balance-Volume is close to a 'buy' trigger, to support the earlier signal in the MACD.
The Nasdaq broke resistance of the declining channel. A push to the 50-day MA at 4,722 is the next target. The push below 4,350 left a 'bear trap', so any weakness will want to hold on to former resistance, turned support at 4,350. On-Balance-Volume marks the breakout with a 'buy' trigger.
The Dow might be the index to confirm a double bottom. It closed today right on the neckline. Watch for a push to the 50-day MA at 16,728.
For tomorrow, a retracement back to Wednesday's open might be the cue to bring buyers in from the sidelines. It has been a long wait, but now may be the time.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I also trade on eToro and can be copied for free.
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