SPX Recap

The futures are up a bit this morning. Yesterday we had what on the face of things looked like a ho-hum session however if you dig deeper the internals were very good. session began without a significant gap and printed the low of the day during the opening minute. The entire session was range-bound chop until about 1:30 when the market started moving higher to close up almost 5 points. The breakout is confirmed and healthy, one caveat is that the McClellan Oscillator is overbought and the Summation Index is near 2000, an area of resistance in the recent past.

Looking inside the market: For the SPX Index there were 292 components advancing and 184 components declining. On the NYSE 3,159 issues were traded with 1,872 advancing issues and 1,169 retreating issues, a ratio of 1.6 to one advancing. There were 355 new highs and 13 new lows. The volume was lower than Wednesdays but on the up move later in the day volume picked up. 69.2% of the SPX are above their five day moving average, 80% are above their 10 day average, 71.4% are above their 20 day moving average, 73.8% are above their 50 day moving average, and 88.2% are above their 200 day moving average.

Target 1440 

Small position in BGU (for a trade only)