Snap Back Rally in the Stock Market
6 days in a row down and then poof. The bears started running. Yesterday was a snap back rally.
The QQQ led the way higher with a gain of 2.28% while the SPY gained 1.91%. Volume was higher across the board, a sign that large institutional players were buying stocks. Market internals were strong and there was a Eureka signal today. Leading stocks did well also with the leaders index climbing 2.01% on higher and above average volume. So is the coast clear to start buying stocks again?
All depends on you. I personally want to see the 50 day exponential moving average and 200 day exponential moving averages taken out….We are not there yet….To me this would be a bullish sign…
In the interim I have my watchlist of stocks and ready list of stocks that I am ready to buy based on fundamental and technical issues….