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The S&P 500 came within 5-points of the February high yesterday, and the market was sailing along for what was looking like an eighth straight positive day for the S&P and Dow, but things changed in a hurry, and the double top theory poked its head up for all investors are traders to see yesterday. The Dow lost a modest 105-points, but that was a 470 point swan dive off the highs. The Nasdaq lagged badly again, while the small caps gave up a big early gain.

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The good news yesterday was that there was a big rally and, unlike Tuesday, the gains held into the close - for the most part. The bad news is, they stalled at the February highs again so we still have the same questions - a breakout, or a double top pullback? Perhaps the Tuesday reversal was the double top pullback? The Dow ended the day up 290-points and once again we saw investors flip flop between the Nasdaq and the Russell 2000, and yesterday was the Nasdaq's day to lead.

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Originally Posted by coolhand

After 7 consecutive "up" days for the S&P, the market finally pulled back. It was due.




A moderate pullback is obviously healthy for the market and does virtually nothing to hurt the technical indicators.

Breadth dipped a bit, but remains bullish.

Futures are up early this evening, so maybe the bulls bounce back tomorrow. In any event, I see no reason to pull in my horns,

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The very large cap stocks and the small caps stocks led the way yesterday. The smaller large caps, and the midcaps weren't quite as impressive. the Nasdaq lagged again being one of the few indices down on the day. The Dow gained another impressive 358-points (+1.3%) and the Russell 2000 small cap index was up 1%. But our C and S funds, large cap and small caps, were up much less so the TSP funds are being a little left behind - particularly in small caps where you would think the S-fund would ...

Originally Posted by coolhand

The S&P has now risen 7 trading days in a row.




I've added a couple of months to the charts so we can keep an eye on the February peak. We can see that the market has actually closed in on that peak quickly in the past few trading sessions. So potential resistance looms; though I believe (at this time) that assuming price tests it, it will eventually push past that peak. We may only be days away or it

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