The major stock indexes traded back and forth the unchanged level today, before a late-day rally surge pushed the indexes solidly into the green by the close. Volume was heavier than yesterday.
Officially, the NASDAQ advanced 2.3% on 2.5 billion shares, while the Dow Industrials rose 1.4% on NYSE volume of 6.1 billion shares. The leadership profile remains very negative, with 52 stocks making new highs versus 806 stocks making new lows.
The short term momentum oscillators remain negative, confirming the bearish stance of the AlphaKing Trading Indicator. We have no new trades at this time.
The trading action today changes nothing with the overall technical set-up, which remains solidly bearish. We plan to add to our short positions on any continuation of the rally, though bear market counter-trend moves usually come to a quick end. The 20 day MA for the stock indexes is our expected entry point for new shorts.
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Kevin Wilde, Chief Trading Strategist AlphaKing.com.
For Free charts with trading signals and fundamentals ratings, visit AlphaKing
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