While the indices finished at prices without fanfare yesterday, the intraday recovery was very good. The spiked down to its 20-day and 50-day MA with a bullish hammer. Volume climbed to register as accumulation. Technicals remain net bullish although relative performance eased.
S&P 500 Chart
The generated a ‘hammer’ on its 50-day MA. Technicals are more mixed with On-Balance-Volume returning to a ‘sell’ trigger as part of a downtrend since the start of August is the only negative.
The closed with an inside day, touching against the 200-day MA. Relative performance ticked above its long standing downward trend since June. The index is moving into a price void with the spike high at 1,600.
The closed near the high of its breakout rally. Volume climbed in accumulation.
Indices didn’t do much yesterday, but what they did do offers a positive outlook for today.
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