On Thursday in the states, SPX closed at 3939.34 or +1.04% and it did move to 3950 and above, making 3900 a pivot into the end of the week. The action was bullish across the indices with DJIA and RUT strong again. Traders and market makers are still cautious and there is plenty of hedging going on -- paradoxically adding a measure of stability. The NQ futures spent the later part of the session trading above a 50% retracement of the 5 March lows near 13050 after a big overnight run over the downtrend line. That level corresponds with to an area a half percent below the 50 and 20-day average in NDX. There was some paring of indices on the close - sans the irrepressible RUT small caps - with ES falling into the 3930 area. That is above the bracket top and the downtrend line, two areas traders will concentrate on into tomorrow. Hope you all have a safe and happy day.
