Today on the Marketbeat: Higher highs & Higher lows, What the deuce?

Market Numbers @ Closing Bell:

S&P: +22

DOW: +172

NASDAQ: +42

RUS2K: +12

TSX/S&P: -31

VIx: -1.96

INTERNALS:

CORE SECTOR LIST: 13/3 to the Bulls

NYSE

BREADTH: 3.2/1 Pos

AD LINE: 1000 ticks

NASDAQ

BREADTH: 4.2/1 Pos

AD LINE: 750 ticks

Today on the Marketbeat: Higher Highs & Higher Lows ...What the deuce?

Do my eyes deceive me or is the market holding up ? Now lets not get talking bottoms here, but stick to what is presently shaping form. First off after the big profit taking, post turkey day wash out, we held a solid support line and bounced nicely yesterday. Today we gaped a lil under the daily pivot, which quickly filled and ripped up to the R1 pivot (As seen on graph 1). The first Resistance point was met with some profit taking and a bit of a chop fest. In the early afternoon session the big boys down at the exchanges cued up the ever famous head fake down tot he days pivot point and rallied into new intra day highs, just about R2, closing near those highs.

Graph 1: Market Internals (Click to enlarge)

Under the hood was a bevy of internal action. The breadth was bouncing back and forth all day until the bulls seized control in the late afternoon as we rallied to new intra day highs, closing the day at 3.2 & 4.2 to 1 on the NYSE & NASDAQ respectively. The AD LINE bounced around from positive tick readings to negative but closed the day strong at its highs around +950 ticks. And rounding out the internals the core sector list closed the day with 13 of 16 core sectors in the green.