Monday, September 28, 2009
Midday Briefing for September 28th: Breakout and Trend
I've updated the chart from the morning briefing to illustrate the break above the identified resistance area just below ES 1050. Note how solid volume, very strong NYSE TICK, strong plurality of advances over declines, strong volume at offer vs. bid, and corroborating intermarket themes (pullback in dollar vs. Aussie dollar; bounce in commodities) all supported the move.
As long as TICK remains strong and we stay above that breakout level around 1050, we have a candidate trend day in the making. That makes intraday pullbacks in TICK areas to consider buying.