Today on the Marketbeat: Channel bound trading

Market #'s @ Closing Bell:

S&P: +10

DOW: +70

NASDAQ: +18

RUS2K: +10

TSX/S&P: +215

VIX: -3.09

Internals - 

Core Sector List: 14/2 To the Bulls

NYSE

BREADTH: 3/1 Pos

AD LINE: +1200 Ticks

NASDAQ

BREADTH: 2/1 Pos

AD LINE: +840 Ticks

Today on the Marketbeat: Channel bound trading 

Well after what seemed like a seemingly endless stream of triple digit gains and losses for what seemed like forever, but in reality was more like the majority of 2008, we have seemed to hit a period of relative strength and relative modest gains and losses. This week is turning out to add to this theory as the price action from yesterday and today is nearly identical. When looking at the action of the past two trading days on the major indices, one can easily notice that the lows and highs are almost identical, however what is interesting is the divergence between the seemingly identical price action over the past two days and the breadths gain in strength without the price action to back it up. What could this spell? Well it could spell a decent gain on the averages over the next couple days. 

Under the hood, is an interesting story today and not for the normal reasons. As mentioned before the Breadth and AD Line has shown some modest gains under the hood, but like previously mentioned, the price action has not followed suit. Usually when the under the hood indicators show relative strength/weakness without price action to back it, it could spell out a divergence play where the price action will follow suit after the indicators show it. The TICK spent most of the day today split between highs and lows.