SPX knocking on the door | Bulls on Wall Street

SPX knocking on the door

OK. Everyone breathe!

 

That was a boomin day. Not necessarily the easiest for intradayers since most of the move was front-loaded. But dang, you gotta love finish and strength that never pulled back. Volume was good – It wasn’t huge, but enough to show increased interest ahead of the holiday weekend. Have we made the turn? Have we finally bounced off of 1040 on SPX enough times and we’re ready to run to 1130? 

 

CNBC, just a day after talking about how horrible Septembers are, is now featuring a special report called “rally on the street”. Lol. You can’t listen to these guys/gals. They hype up the obvious. Sure, you can play scalps based on their individual stock pumps, but don’t listen too closely. For example, today I added CRUS at 16.02 during a CNBC feature. We’ll see how that plays out tomorrow.

 

As you know by now, global data was pretty good and the U.S. ISM numbers were satisfactory… but, not a lot has changed and I really want to see what happens in the next few days before I move more cash off the sidelines.  

 

Tomorrow’s Jobless Claims and Pending Home Sales could propel this bull move higher or take some of the wind out of the sails. We’ve gotta get some feeling of improvement in hiring and then the bull move will be for real. 

 

Let’s take a look at the SPX – The first indicator that jumps out is where it finished – banging head first into SMA50 and SMA20. Not pictured – we’re also at 38.2 Fib Retracement. These have proven to be an issue in the past, so we’ll want to watch this closely tomorrow. Even though we must find a way through a lot of resistance tomorrow, the overall chart has turned bullish – no surprise there. Let’s see if MACD and RSI14 continue the leg up tomorrow.

 

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