The stock market indices had another decent day for most of the session. They did selloff in the last couple hours and drove the Dow back into negative territory, but the S&P 500 and Nasdaq 100 managed to gain on the session. So the indices closed mixed, but the technicals were positive. Net on the day, the Dow closed down 16.31 at 16,408.54. The S&P 500 was up 2.54 at 1864.85. The Nasdaq 100 was up 1.45 at 3435.53.
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This pattern set-up, and its accompanying 4-hour momentum configuration, is way too compelling for me either to sit on the sidelines, or to abandon exiting long positions.
It was a big day on Wall Street today. The indices popped, pulled back twice in a 5-wave advance and ended at the session highs going away. Net on the day, the Dow was up 162.29 at 16,424.85. The S&P 500 was up 19.33 at 1862.31. The Nasdaq 100 was up 45.23 at 3533.09.
The market did what it usually does today. It went higher after numerous attempts by the bears failed to produce a strong technical breakdown by gapping and running lower all day. Day after day went by with all small gaps getting filled.
Bank of America Corporation (BAC) has been struggling since April 11, when JPMorgan Chase & Co. (JPM) earnings (disappointment) triggered a mini-exodus from the large US money center banks.
PDC Energy, Inc. (PDCE) - potential breakout above 63.2 resistance.