Not Exactly A Picture Of Strength
Although the rally in the major indexes felt impressive yesterday, today put them in perspective regarding how weak the general markets really are. We were able to stay above the middle keltner channel for a very limited time, ultimately closing below them. If we do start another sell off we'll have another lower high in place as well.
Different view of Nasdaq showing it stuck between resistance and long term support (200 ma). If it can get above resistance then the next direction is up. If we fall below the 200ma, then we're heading much lower.
CRX (Commoditiy Index) is very weak as well with the chart closing below the neckline of the head/shoulder pattern.
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