S&P 500 Recap, a look ahead

Good morning, S&P futures are up slightly this morning even as Portugal is in big trouble of going under. The ECB is supposed to do a rate hike cause they see the inflation Bernanke doesn't. Just look at the chart of the euro versus the dollar and you'll see who is the smarter of the two. More than three-quarters of the nation's 372 largest metro areas reported lower unemployment rates in February than the previous month, the Labor Department said Wednesday. That's the most to report a decline since September.

Yesterday gains in overseas markets (including the Chi-CONS, they shook off the rate hike). The Japanese said that they have been able to stop the flow of radioactive water that had been pouring into the ocean. REALLY!

So heading into the morning we had buying pressure in the futures, the session opened with a gap upward and went higher for a bit. But the high of the day was on the chart within the first fifteen minutes and we began to see today the pattern that we have now seen six sessions in a row: An early day high followed by selling. But this day ended differently as we had buyers come in and we finished up in the middle of the trading range for the day.

The breadth data is looking bullish as advancing volume was slightly higher than advancing issues. New Highs were strong but many of those New Highs closed down more than 1% from the highs so tomorrow may be interesting.

Volume was slightly greater than Tuesday's. Looking at the intraday volume pattern we see a spike of volume with the morning down move as well as a larger spike of volume with the late afternoon rally. Looking at the Breadth Indicators we continue to see mixed indicators suggesting choppy trading for at least another session or two.

58.6% of the SPX are above their five day moving average, 74.2% are above their 10 day average, 86.4% are above their 20 day moving average, 74.6% are above their 50 day moving average, and 88.2% are above their 200 day moving average.

Financials, Technology Consumer Staples Utilities Outperformed the S&P, If you are looking to go long here is a list of good RS stocks in this market: These are RENTALS not KEEPERS

ABT, ANF, AES, URBN, AFL, A, APD, ARG, AKS, AA, ATI, AGN, MO, AEE, AEP, AXP, AMGN, ADM, ADP, AVY, AVP, BLL, BAC, BAX, BDX, BBBY, BMS, BIIB, BMC, BXP, CBG,  CHRW, CVX, CME, CB, XEL, CINF, CTAS, CSCO, KO, CCE, CL, CMA, CPWR, ED, CEG, SAI, COST, CVS, DNR, DV, DO, RRD, DOW, DTE, DUK, DNB, DD, ETFC, EMN, ECL, EIX, ERTS, EQT, FAST, F, FRX, FO, FCX, GME, GPC, GENZ, GT, GWW, HAR, HRS, HIG, HAS, HNZ, HSY, IBM, IGT, ISRG, IRM, JEC, JPM, CLF, KMB, KSS,  LH, LLY, LTD, M, MI, MA, MAT, MJN, MCD, MWV, MDP, MSFT, MOLX, TAP, MWW, MCO, MS, MUR, MYL, NBR, NDAQ, NEM, GAS, NKE, JWN, NU, NTRS, NYX, PLL, PH, PDCO, PBCT, PEP, PCG, PM, PNW, PGN, PGR, PRU, DGX, RSH, RRC, RSG, RHI, R, SNDK, SLE, SCG, SCHW, SEE, SRE, SIAL, SNA, SO, STJ, SPLS, STT, SRCL, SUN, STI, SYY, TGT, TE, TLAB, TER, TSO, TXT, TIF, TWX, TJX, TSS, UTX, VLO, VAR, VRSN, VNO, VMC, WMT, WPO, WM, WPI, , AMZN.