In America:SP500 +0.51%Dow Industrials +0.52%Nasdaq100 +0.04%Dow...

In America:

SP500 +0.51%
Dow Industrials +0.52%
Nasdaq100 +0.04%
Dow Transports -0.02%
Russell 2000 +0.07%

Comment: A moderate day up on the Dow and SPX - not confirmed by the Transports, NDX or R2K

NewHighs/NewLows 289/9. NH>NL. The ratio of NH/(NH+NL) is at 97%. In the Do Not Sell Zone. New Lows are benign.

Technical Comment on the SP500:

The SP500 finished at 1507.84. Major support: 1466.7. That's the old high in mid-September, 2012. That could hold any retreat.
MACD Histogram. Below zero. Negative.
MACD. Above zero. Positive. MACD is flat - this is a moderate trend.
RSI.9 is at 80.9. GaGa Land.
Stochastic. 96.9. Overbought.
CCI.14: +119.9. Overbought. Possible negative divergence setting up.

After a couple of big up days provided by the resolution of the Fiscal Cliff, the American market has risen steadily. It's now overbought. Cracks appeared today with non-confirmation by NDX, Transports and R2K of the two major indices (Dow and SPX). There's plenty of support below with major horizontal support about 2.8% below the current level. That's a likely target if the market pulls back.

FOMC tonight (Australian time) in America. That could cause the market to fall - or rise sharply. Jobs Report on Friday. That's another market moving event.

Redbacka