In America:SP500 +1.01%Dow Industrials +1.08%Nasdaq100 +1.19%Dow...

In America:

SP500 +1.01%
Dow Industrials +1.08%
Nasdaq100 +1.19%
Dow Transports +0.91%
Russell 2000 +1.01%
Comment: Across the board – a strong day. Today was the strongest day on the SP500 since 2 January.

NewHighs/NewLows 419/12. NH>NL. The ratio of NH/(NH+NL) is at 97.2%. In the Do Not Sell Zone.

Technical Comment on the SP500:

The SP500 finished at 1513.17. Major support: 1466.7. That’s the old high in mid-September, 2012. That could hold any major retreat.
MACD Histogram. Marginally below zero. Neutral.
MACD. Above zero.
RSI.9 is at 74.5. Overbought. Possible negative divergence setting up.
Stochastic. 85.2. Overbought but below its signal line.
CCI.14: +102.3. Marginally overbought. Possible negative divergence setting up.

The uptrend remains intact.

For most of January (ignoring the blast off after the Fiscal Cliff was resolved) the move up has been steady, but daily strength unremarkable. That’s what often happens in bull markets. A trend doesn’t finish until the last buyers are exhausted. That can happen either with a blast off top (a few very strong days) or a series of narrow range days on high volume (sellers beginning to put on downward pressure.) I don’t think we’re there yet. Last night was strong – but we might have to see some more topping action before this trend is finished.

Redbacka