The stock market got earnings reports from Yahoo and Intel after yesterday's close and then listened to Alan Greespan's testimony this morning.
The intial reaction to all this news was bearish, but as you can see in the hourly chart above the market has just rallied to new highs for the day. Moreover, the S&P futures are holding steady just above the bottom of its current price box at 1224.
Once again, that dog didn't bark. The stock market has been tested by bearish news and refuses to break. This is a very bullish sign.
1 comment:
The markets do seem to be digesting bad news extremely well & continue to bullishly advance. However, there are some important diverging indicators that are screaming SELL. For example, take a look at the 90+ Stochastics reading of the $COMPQ! Aren't we looking at a stiff ST correction at the very least?
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