In America:Dow Industrials +1.62%Dow Transports +2.23%SP500...

In America:

Dow Industrials +1.62%
Dow Transports +2.23%
SP500 +1.65%
Russell 2000 +1.44%
Nasdaq100 +1.56%
Comment: A big up day on solid volume. Looks good to me.

NewHighs/NewLows 223/21. NH>NL. The ratio of NH/(NH+NL) is at 91.4%. Back in the Do Not Sell Zone. New Lows are once again benign.

Technical Comment on the Dow 30:

The Dow finished at 1277.09. Support/Resistance: 12764.5/13058.2.
Indicators:
Stochastic: 39.4. Below its signal line but turning up.
RSI.9 is at 55.6. Positive.
MACD Histogram. Below zero, but moving up. Shorters take profits.
MACD. Above zero. Positive.
CCI.14: +7.9. Back above zero. Positive.
The 10-DayEMA (blue dotted line) is above the 20-DayEMA (red dotted line). Positive (just).

Yesterday’s candle bounced off the short term support at 12500. Today the Dow 30 carried on with the job.

The medium term trend is up. The short term trend is up. Important down trend lines were broken to the upside today and today’s candle is marginally above horizontal resistance.

Momentum Indicators have all turned back up. After such a big up day it’s unlikely to revisit the lows, but Monday is likely to be a narrow range day and possibly negative.

Yesterday, I noted that the Dow 30 had six days down and a 10-day low. Expect a move up. Today was better than I’d hoped for. A strong day on good volume.

Yesterday I also talked about green shoots and farmers ploughing the fields. Well, continuing that theme, I feel a song coming on:

"Yeeow! Aye-yip-aye-yo-ee-ay!
We’re only sayin’
You’re doin’ fine, Oklahoma!

"O.K. L – A – H – O – M – A
OKLAHOMA!
Yeeow!"

Actually, I can’t sing for nuts.

Redbacka