Indices Extend Rally
The stock market had an interesting day today as the indices had a strong thrust in the morning to take them to new multi-year highs. They backed and filled in the morning, tried to break out again by midday, double-topping on the NDX, but falling far from the other high on the S&P 500. That negative divergence caused a rollover. As a matter of fact, there was a 5-wave decline on the S&P 500, taking it from 1474 1/2 down to 1462, and the NDX dropped from 2865 to 2848. In the last 10 minutes there was a snapback to preserve the gains. [More...]
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