Today on the Marketbeat: A BREAKOUT!!...wait..wait..no just more chop

Market #'s @ Closing Bell:

S&P: +6
DOW: +32
NASDAQ: +15
Rus2K: +5
TSX/S&P: +119
$VIX: -0.85


Internals:

Core Sector List: 11/5

- NYSE -
BREADTH: 1.9/1 Pos
AD LINE: 700

- NASDAQ -
BREADTH: 1.8/1 Pos
AD LINE: 650

Today on the Marketbeat: A BREAKOUT!!...wait..wait..no just more chop

If one were to only watch the market until lunch today then this person would have thought the bulls finally stepped up and broke out to new highs... However, since we here at the Marketbeat have the luxary of watching the full day, we know now, that isn't the case.

The bulls made an early run at the 950 resistance that has been hampering the market from new highs all week. Around 1:20 pm the /ES punched out to 952.5, but didn't stay around long as that marked the days intraday high and the market backed off steadily after this point. The Market closed near the lows/opening price of the day - further pushing to the idea that the bullish run could be in for a bearish pullback.

We will stay cautiously bullish until 915 on the S&P Futures is taken out... Happy Trading!
Daiz'on