Thursday was the kind of day that makes bulls happy. When you hear of traders beating the market, it’s thanks to days like these. Indices traded on higher volume accumulation, with some able to mark new highs.
The () maintained its bullish signal in On-Balance-Volume as the pending reversal in relative performance against the was stalled. Technicals remain net bullish with only On-Balance-Volume the weakest.
The edged higher on higher volume accumulation over the past two days, but underperformed relative to peer indices. It’s a safe hold.
It was a similar story for the , although the ’bull trap’ is now negated. Technicals are net positive with a sharp rally in rate-of-change, reflecting the bullishness of this index.
rallied to its 50-day MA, but it wasn’t able to push beyond, at least for Thursday. Stochastics are on the bearish side of the coin and likely a few weeks away from turning net bullish, so it could be a slow push higher – but higher prices are favored.
For today, we want to see a solid end-of-week, which Thursday’s action looks to suggest. Bulls have control. Bears have little to work with.
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Photo courtesy: Amazon
Photo courtesy: Amazon
Photo courtesy: Amazon
Photo courtesy: Amazon
Photo courtesy: Amazon
Photo courtesy: Amazon