With an SPX close of 2066.66, we had a devil of a good up day today! Market participation was broad and inclusive. The NYAD line posted a +1550, NASADAQ line a +1212. The Transport and Utilities sectors were the notable exception. My guess is that they are being negatively impacted by higher oil prices at this time. However, they did perform well earlier this year during the upward phase of the oil price action. So far, the overall market still appears to need a rising oil price in order to continue it’s uptrend. I remain moderately convinced that that dynamic may change soon, but, even if it doesn’t, I believe the bull market will still resume intact. However, I think we could yet see another little downleg to complete a micro ABC pattern on the $NYAD.
http://stockcharts.com/freecharts/gallery.html?$NYAD
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