Today on the Marketbeat: Bears? What Bears?

Market #'s @ Market Closing Bell:

S&P: +33.4

DOW: +270

NASDAQ: +49

RUS2K: +23

TSX/S&P: -92

VIX: -5.04

Internals:

Core Sector List: 15/1 to the Bulls - builders, banks, drugs leading

NYSE

BREADTH: 8/1 to the bulls

AD LINE: +1600 ticks 

NASDAQ

BREADTH: 5.8/1 to the bulls

AD LINE: +1200

Today on the Marketbeat: Bears what Bears?

Another day another dollar, another rally. The Market held off the bears once again as the major exchanges bounce off support levels for the time being. 820 seemed to be the action point as after we briefly crossed it, the market rallied hard into the afternoon where the usual fake out took place as the players over there on the NYSE shook out some longs and then some shorts into the end of the day as we rallied into the close at new day highs

ES Futures (S&P500) Chart (Click to enlarge)

Under the hood we saw the internals pave the way for short term traders. The Core Sector list finished in at 15/1 tot he bulls, as the AD LINES tacked on +1600 & +1200 on the NYSE & NASDAQ respectively. The Breadth finished a solid day at 8/1 on the NYSE and 6/1 on the NASDAQ. And the TICK spent the majority of the day above the 0 mark. Over all the day was primarily bullish aside from some fake out plays in the early afternoon which have become almost the norm in this market. 

So as it looks now, the short term lows of last week held a bit, and we bounced off them with a bit of conviction. What to watch for now: watch to see if the ES can hit & hold 850, and from then 874. These are technical markers that if we test and break could lead to more bullishness, on the flip side if we don't hit or hold those levels they are solid action points to the downside.

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