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Originally Posted by coolhand

The bears hopes of turning the market hit a snag today as the bulls sent price(s) to fresh highs on this rally. Is it really a surprise given smart money is bullish?




Yesterday's pullback was simply that; a pullback. There is still no evidence that anything has changed. The charts are bullish, period. But I don't want to ignore potential resistance at the February peak, which is drawing closer.

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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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