SHORT TERM: stocks start the day mixed but end close to the highs of the day.
The stock market opened mixed but then rallied within the first hour. The SPX posted a new high for the uptrend at 1449, and the NYA posted an all time new high for the bull market. The latter should act as a leading indicator for the major indices: SPX/DOW/NDX/NAZ, as the NYA has often led in many of the uptrends. After a pullback to about noon the market rallied into the close, on a day when the entire trading range was only five SPX points. At the close the SPX/DOW were 0.15% higher, and the NDX/NAZ rose 0.40%. Bonds rallied about 1/4 point, Crude rose 35 cents, Gold rallied $5.00, and the Euro was sharply higher. This market continues to drift higher without getting too overbought or too oversold. As such, Minute wave one continues to eke out a slightly higher high nearly everyday, see SPX60min chart below. Tomorrow at 1:00, FED chairman Bernanke speaks at NYU. Maybe the market will get some inspiration one way or the other. If so, overhead resistance is at SPX 1462, and support at SPX 1431. This new uptrend remains solid, and expect the major indices to post new bull market highs soon. Best to your evening!
MEDIUM TERM: bullish
LONG TERM: bullish.