While the indices finished at prices without fanfare, the intraday recovery was very good.
The S&P(NYSEARCA:SPY) spiked down to its 20-day and 50-day MA with a bullish hammer. Volume climbed to register as accumulation. Technicals remain net bullish although relative performance eased.
The Nasdaq(NYSEARCA:QQQ) generated a ‘hammer’ on its 50-day MA. Technicals are more mixed with On-Balance-Volume returning to a ‘sell’ trigger as part of a downtrend since the start of August is the only negative.
The Russell 2000(NYSEARCA:IWM) closed with an inside day, touching against the 200-day MA. Relative performance ticked above its long standing downward trend since June. The index is moving into a price void with the spike high at 1,600.
The Dow Jones Industrial Average(NYSEARCA”:DIA) closed near the high of its breakout rally. Volume climbed in accumulation.
Indices didn’t much today, but what they did do offers a positive outlook for tomorrow.