Today on the Marketbeat: You call that a rally? This....is a rally

Market #'s @ Close:

DOW: +571 

S&P: +60

NASDAQ: +97

RUS2K: +27

TSX/S&P: +297

VIX: -7.21

Internals:

Core Sector List: 16/0 to the Bulls

NYSE

BREADTH: 13/1 to the Bulls

AD LINE: +1560 Ticks

NASDAQ

BREADTH: 10/1 to the Bulls

AD LINE: +1300 ticks

Today on the Marketbeat: You call that a rally? This....is a rally

Today the market seems to have set in a short term bottom. This isn't by any means a reason to jump long. However, with the Bullish Percent ($BPNYA) has reached below 30 (oversold level) and during today's intraday price action, the market sold off all morning only to stop short of S3 on the YM & ES and shoot off a rally spanning more than 600pts on the ym, 70 es points [Which translates into a +7 pt swing on the SPY & DIA]. If you were just looking at a daily of today's price action you would miss half of today's story, to capture all this goodness, take a look at a 1day, 5 min chart of the ES (S&P 500 e-mini futures)

ES 1day, 5Min Chart (Click to enlarge)

As you can see, the market flirted about 1/3 towards S3 for the day when it hit a short term bottom and rallied hard off this level. the first point of resistance was the PP (pivot point), after a quick back off it blew right by the pivot like it wasnt there. the next point of resistance was R1, which it backed off than jumped through that level as well. towards the end of the day, the rally continued to put buying pressure on the seller in the market, as the ES & YM closed at the highs, which happen to be pegging R3. What does all this mean? Well Commodities lead the way today, shippers, mining, oil, oil services, gold, internet all up +9%, leading the way on the core sector list and the rally. So could the commodities be ready for another run?

Internals Chart (Click to enlarge)

Under the hood, the market showed a battle between bears and the bulls all day, with the bulls finally taking a win this week. The Breadth showed a beautiful double helix looking pattern as the bear and bulls battled for the day, as you can see the Bulls won out around 2pm as the rally began to spark off. The AD Line proved a valuable tool as it soared up closed up + , which is equally impressive considering the lows of the AD LINE was -2000, so it had a 3000pt ad line swing intraday. Even the trin showed itself somewhat useful as it made high highs as the market dropped and lower lows as it rallied hard. 

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Today on the Marketbeat - ShakeandFake Markets in 2 easy steps

Market #'s @ Close:

DOW: -178

S&P: -20

NASDAQ: -35

RUS2K: -10

TSX/S&P: -264

VIX: +1.46

Internals: 

Core Sector List: 14/1

NYSE

AD LINE: -1800

BREATH: 6/1

NASDAQ

AD LINE: -1400

BREATHE: 7/1

Today on the Marketbeat - ShakeandFake Markets in 2 easy steps

Today was a classic example for anyone new to the market who would like to see a live definition of a market place on crack. The markets gaped lower and moved towards S2 into the the afternoon. Around 2pm we witnessed a massive 1h rally which lost its bid in the late hours of the trading day, with the price action moving up down and everywhere in between.

Under the hood told a better idea of what was the underlying idea today, the bears taking control back. But with a late day rally falling short we can give tomorrows outlook a somewhat still bearish overtone, especially with today being a day off bank wise. 

Today on the Marketbeat: Bears battle the Bulls

Market #'s @ Close:

DOW: -72

S&P: -11

NASDAQ: -30

RUS2K: -14

TSX/S&P: +55

VIX: +5.31

Internals:

Core Sector List: 13/3

NYSE

BREADTH: 2.2/1 Neg

AD LINE: -1100

NASDAQ

BREADTH: 3.4/1 Neg

AD LINE: -1100

Today on the Marketbeat: Bears battle the Bulls 

The broad market got off too a gap of a start in todays trading session opening up @ the days highs and continued to fill the gap before noon. After which the market was in a bearish chop cycle until it broke the lows and closes near the lows. This lack of buying pressure is putting the pressure on the bulls, because after last weeks action which showed a bull buy signal on the Bullish percent index the bulls havent showed any buying power. 

Under the hood, the market was clearly bearish, with the breadth goign towards the bears most of the day and the AD lines tacking on some more losses. The trin was mostly usesless chopping around most of the day. Our sentiment is slowly changing to the bears, despite the buy signal on the Bullish %. However as always we want to let the market show us its hand and let the action show us the direction it wants to go in.