State of the Market

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I mentioned last night that some good news could really send this market.. and good news we got!  The big drop in crude on an unexpected rise in inventories as well as some decent economic data put traders in a buying mood ahead of elections.  For the second straight day, volume surged higher than the day before creating an unprecedented two straight days of accumulation!  The last time that happened was exactly one month ago.  Today's action was a major boost to a tired market in danger of rolling over, but key resistance remains before an all out rally can be declared.  The end of the elections could just be the final catalyst to send the bears into hibernation for good!

Let's take another look at the major indices to get an idea of where we've been and where we need to be.  We'll start with the Nasdaq which is comprised of the majority of CANSLIM style stocks.  Clearly, today was a big step in the right direction as the Nasdaq surged above resistance of the 200 day moving average.  However, another large hurdle remains in the form of the downward trend line.  If the Nasdaq can get above this line and find support there once it does, that would be a MAJOR accomplishment.

The S&P battled two major areas of resistance today (the 50 and 200 day moving averages) and came out on top... of both resistance levels.  While this is impressive action, it too has yet to overcome the downward trend line.

The Dow, a conglomerate of large, blue chip, slow growers has clearly lagged the rest of the market this year and remains submerged below all major resistance levels.  These levels include "psychological" resistance of Dow 10,000, the 50 day moving average, the 200 day moving average and the downward trend line.

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Today's Big Market Movers

Wow! There were some BIG movers today!

Performance of Leading Stocks
Near a Breakout - .68%
Broke Out - .66%
*10 Breakouts Today*