Wednesday, February 24, 2010

02.24.10 - Inside Day?

Well, inside Chairman Bernanke's head anyhow.  It has been erratic sideways trade during the testimony post opening noise; however, market internals look quite strong, so perhaps we can break to the upside after the hearing.  The only negative I see on the daily time frame -- and it shouldn't be discounted -- is that momentum remains slightly to the downside on the MACD and Net New 52-Week Highs, meaning this morning's strength has yet to resolve yesterday's big sell.  Meanwhile, the 5-dma is providing strong support (dotted cyan line).

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