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Originally Posted by coolhand

It didn't take long since the neutral NAAIM reading for the market to break higher. That was the most likely outcome, though the timing is not easy to discern.




The next up-leg may have started. We can see that price moved further away from the 50 dma on the S&P 500, while price on the DWCPF closed above that level for the first time in about 2 months. Momentum is beginning to turn back up.

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Stocks opened rather flat on Friday and chopped between gains and losses until after lunchtime when we saw a steady stream of buying in afternoon trading, and into the close. Although many of the indices are where they were about two weeks ago, it still feels like the bulls are in charge as the bears' effort has been lackluster of late. The Dow gained 260-points with gains of more than 1% across most indices.

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