Today on the Maketbeat:
Market #’s @ Closing Bell:
Core Sector List: 10/6 Pos
– NYSE –
AD LINE: +930
– NASDAQ –
AD LINE: +630
Today on the Marketbeat: Bulls in Bears Clothing?
The market was not following up on yesterdays bullish charge, Wednesday saw some of that 2009 chop action. However, even though the bulls ruled the interneals across the board, the market was not on a bullish tear today. For the most part of Wednesday, the market was chopping from up a bit to down a bit and it was a bit confusing seeing how the internals were mostly in the green.
The price levels are very closely nearing the 50% retracement levels from the highs of Oct 08 to the lows of March 09. The exact level is 1120 on the $SPX, and after coming so high so quick, could we be in for a pullback going into the New Year? The bulls have been having some issues pushing and holding higher highs at the current level. This could be a precursor to a pullback to more manageable levels in the near term. However, this is in no way meant to count the bulls out. They have made huge strides against the back of the recession in the past 8 months and one thing we have learned is you don’t fight the tide.
Tomorrow could be a tell-tale day in what direction the market wishes to take in the near term. Until we know