It was a chaotic and uncharacteristic move in the markets today.
Take a look at the chart above. ⤴️
What you notice is the absolute total inconsistency of the direction on a one day move. The Dow has broken out to the upside by almost 1/2%, the S&P500 by almost 1/10%, the Nasdaq by -.17%, and the Russell2000 almost -1/2%. What this is telling us is that the burst to the upside today was not universal and unless we see follow through on the other markets, consolidation is still in order before a breakout will occur. If we exceed this week’s Dow Jones high next week, then it should signal a further rally to test the January high.
InterAnalyst has been serving investors globally since 1990. Authoring hundreds financial articles and publications, thousands of trading charts to investors worldwide.