Abstract
The inventory market continues to bounce round like a rubber ball in a small room. Regardless of giant good points within the main indices on Wednesday, they’re all nonetheless in a downtrend as value has traced out a decent downward-sloping channel of decrease highs and decrease lows. As well as, the five-day/13-day exponential shifting common (EMA) crossovers for the mega-cap indices stay on promote alerts, whereas the every day Vortex indicator and the 21-day rate-of-change (ROC) additionally nonetheless flash promote. In the meantime, the 14-day relative power index (RSI) readings for the massive three have damaged downtrends, a doubtlessly optimistic signal, whereas market breadth was robust yesterday. The S&P 500 (SPX) popped 1.8% on Wednesday and stalled at its flattish 50-day common. The highest of the bearish channel looking till Friday is at 5,975 — and a break of that space would possibly sign the top of the pullback and a march to new all-time highs. The Nasdaq 100 (QQQ, 516.48) jumped 2.3% and is again over its 50-day, whereas the highest of the bear channel is close to 521 extending to the top of the week. The Nasdaq popped by 2.5%, the S&P 100 climbed 2.1%, the S&P MidCap 400 rose 1.3%, and the S&P SmallCap 600 was up 1.6%. Bonds rallied properly after the better-than
