Dow Jones Industrial Average: +29.55or 0.28% at 10501.05
S&P 500 Index: +7.70 or 0.70% at 1114.11
NASDAQ Composite Index: +21.79 or 0.99% at 2212.10
NYSE Internals: 2273 Advance. 786 Decline.
US Dollar: +0.23(0.30%) at 76.725 | Crude Oil: -0.20(0.29%) at 69.67
Gold: +5.40(0.48%) at 1125.0 | VIX: -0.44(2.04%) at 21.15
Markets bounce after Dubai Bailout.
None of the indices made a new high today, but the Dow and Nasdaq were faily close. The SPX was about 5 points shy of a new high as well. Volume was extremely light today. Might have been the lightest of the year. But with the holiday's approaching, volume is going to continue to be dry.
As I have been saying for a while, the 1110-1115 area on the SPX should be good resistance, and if this market wants to go higher, it needs to break through that level. We got to 1114 today, and backed off just a bit. But we hung around that level for most of the day. If we break through 1115, we may make it to new highs.
The only good news for the bears is that we finally managed to close out of the range today. Previously, we had only broken out of the range intra-day, but never broke out of it. Today, we got our first candle that broke through. In order for this breakout to be confirmed, we need to test and hold 1110 as support, then close above today's close.
Another hope for the bulls is that we can now count 5 waves up from the lows of last week. This may complete a wave [i]. We might be starting wave [ii] down to test support at 1100, then explode to the upside to make new highs.
For the bears out there... if there are any left. :) Your only hope is a break of 1083.
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