S&P 500 Recap

support at 1340 (20dma should hold)

Yesterday's session began with a gap higher and spent the opening hour pushing higher without any significant pullbacks. But the morning high was on the chart right at the end of the first hour before the S&P went into a four hour period of tight range trading. The final ninety minutes of the session saw the indices rally six point and then give three points back just before the close.

For the S&P Index there were 434 components advancing and 40 components declining. On the NYSE 3,169 issues were traded with 2,485 advancing issues and 584 retreating issues, a ratio of 4.26 to one advancing. There were 241 new highs and 16 new lows. The five day moving average of New Highs is 137 while the five day moving average of New Lows is 22 and the ten day moving average of Net Advancing is 329.

Advancing volume was higher at a ratio of 3.95 to one. The closing TRIN was 1.24 and the final tick was 761. The five day average of TRIN is 1.27 and the ten day average of TRIN is 1.12. The NYSE Composite Index gained 0.85% today while the SPX gained 0.8%.

87% of the S&P are above their five day moving average, 59.4% are above their 10 day average, 64.6% are above their 20 day moving average, 67.8% are above their 50 day moving average, and 85% are above their 200 day moving average.

So we are still moving to our target (1420-1440), breadth indicators are bullish as are net advancers/decliners.