Dow Jones Industrial Average: +136.49 or 1.33% at 10406.96
S&P 500 Index: +15.82 or 1.45% at 1109.30
NASDAQ Composite Index: +29.97 or 1.38% at 2197.85
NYSE Internals: 2488 Advance. 578 Decline.
Made new highs again today, and we stayed around those levels all day. Nearly a 20:1 up day also. Looks like we are now impulsing to the upside again.
I think we will see 1122 soon. That is the 50% retracement mark of this bear market. But first, we need to consolidate a little. Markets are clearly overbought. Perhaps by the end of the week we will tag 1122.
Once we get to 1122, it will become clear what this market wants to do. If we break through it, 1150 it is. If we have trouble breaking it, we may pullback a little before trying again.
Whenever we break today's high of 1113, we will go towards 1122. If we break below 1100, we will likely test the mid-upper 1080's.
US Dollar was down. Crude Oil and Gold rallied. VIX dropped about 2.5% again. Energy was leading to the upside.
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