Thursday, July 22, 2010

07.22.10 - Power Tick

As is often the case, the outsized gap higher held and ran on better than expected Euro-zone and earnings reports. Volume is slightly better than yesterday and internals suggest price should hold or improve on VWAP. However, I will note that next resistance is just above at the 200-dema near SPY $110.  Meanwhile, it's good to see price back above its 50-dsma -- IF that can flatten out in the days ahead, bulls will no doubt take heart.

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