S&P 500 Recap

S&P Futures are up 6 points this morning. German exports surged in March to the highest monthly value ever recorded, boosting growth in Europe’s largest economy. Germany’s economic recovery is broadening as companies boost investment and hiring to meet booming export demand from emerging Asia.China's global trade surplus widened to $11.4 billion as import growth fell amid government efforts to cool an overheated economy and exports rose by nearly 30 percent, data showed Tuesday. The gap exceeded private sector forecasts of $5 billion to $10 billion and was a strong rebound after China reported a rare trade deficit in the first quarter of this year.

SPX will be firmly above the 1344 break out and should test the recent high by early next week.

Yesterdays session with small gap higher before trading in a very narrow range for the first hour. But the low of the day was on the chart just before 11:00 am and the indices began to climb. The move of the day was right about noon as the SPX climbed nine points in about twenty minutes. The rest of the day was lazy low-volume trading that saw the high of the day painted at 2:41 pm while the SPX traded within a three point range for the final four hours of the session.

For the SPX Index there were 265 components advancing and 137 components declining. On the NYSE 3,171 issues were traded with 2,138 advancing issues and 935 retreating issues, a ratio of 2.29 to one advancing. There were 121 new highs and 16 new lows. The five day moving average of New Highs is 117 while the five day moving average of New Lows is 23 and the ten day moving average of Net Advancing is 276. The ten day average of Net Advancing moved into bullish territory.


Volume on the day was light. Some traders are saying it was due to Citigroup's ten-for-one reverse split. But that split accounts for maybe a 6% volume decline; the SPX volume declined 30% from Friday's volume.

64% of the SPX are above their five day moving average, 41.2% are above their 10 day average, 53.4% are above their 20 day moving average, 61% are above their 50 day moving average, and 83.8% are above their 200 day moving average.

SPX broke out above 1344 and is back on track after successfully testing the breakout levels , will take out the recent highs, dollar falling, commodities rising and June nearing, talk of QE3 should start real soon.