Just as it looked as though the Smart Money wouldn’t show their faces before the holidays, Friday’s volume soared signaling a large batch of orders taking place.
From the initial analysis, the S&P 500, Nasdaq, and Russell 2000 all had bullish price action, closing near or at the highs for the day, and the Dow 30 and NYSE showed signs of supply, closing off highs, which could ultimately be bearish.
The major indexes pushed higher today as the Dow, Nasdaq, S&P 500, and NYSE all closed at a new 52-week-highs. The highs came with increased volume, but still below the 10MA.
While I may be skeptical of how sound this rally is, there is no denying that there is a rally nonetheless.
The markets failed to move higher this week, the Dow closed down 0.24%. IBD has classified the up-trend as “under pressure” due to the numerous distribution days and I find myself curious as to how much longer the market can keep things moving higher.
Just a quick glance at the chart above and you can see that we have been having more down days than up days in the last two months.
