Nobodys Knows - Tuesday, page-4

Nasdaq Composite +0.89%. New York Composite +1.25%. Russell 2000 +0.87%. Dow Industrials +1.14%. SP500 +1.3%.
The market finished strongly in the last hour.  At 2.00 p.m. NY time, major indices were all in negative territory. Indices were generally much lower than that just after 10.00 a.m. NY time.  The buying pressure can be seen in the long lower tails on today's candles.

Despite the strong finish, the NH/NL Ratio on the Nasdaq finished poorly at 25.21%.  That's its worst reading since mid-January.
Here’s the chart for the SP500:



The chart shows a sideways market with horizontal support at 1993.  Today finished at 2021 bouncing strongly off that level.  Today's action was positive, but a lot of overhead resistance lies ahead.  We need to see more upside before being sure that the recent turgid action has ended.  The positive divergence on the Money Flow suggests we could see stronger action ahead, but the market remains vulnerable.

Commodities:

CRB Index up +0.73%.  The one most people are watching is the Energy chart - up +3.43% and clearly above the 50-Day M.A.  Industrial Metals Group up a little +0.16% but Iron Ore fell again -0.7% to a new post 2009 low.

Last night I said our market seemed destined to reach the Aug/Sept 2014 highs around 5659.  We should get there today.  Some resistance will probably be felt around that level.

Redbacka