Regular updates on the Trading Psychology Weblog will resume Thursday evening; also on Thursday, the historical pattern analyses will resume here on the TraderFeed site.
Wednesday's market was strong out of the gate, with NASDAQ and small cap issues leading the way. There was very solid buying across the market, as we vaulted to the highs of the recent range in the S&P, but went to new recent highs in the broad indices. This places us in a short term uptrending mode. Even in the face of higher interest rates, it appears that selloffs are bringing in buyers. Demand expanded greatly to 122; Supply was 41. New 20 and 65 day highs expanded to 1308 and 787; new 20 and 65 day lows were 610 and 254. Normally such upside momentum as we're seeing in the Demand/Supply numbers carries over in the short-term.