Monday, March 26, 2012

Market Madness Market Update - 3/26/12

A spectacular day for US indices. Even though we're not doing market updates anymore today was too good to pass up.

The S&P 500 today took back all of its losses of prior days and more. The index closed at its highs of the day on some last minute buying acceleration to finish at 1416.5, a new high. Wedge resistance is coming up at around 1425 but it's getting narrow here and soon it will resolve and break on way or another. Probably for a correction downward. The market sure does seem to have one coming after a move this large, and this fast.

stock market updates index chart updates picture - SPX

We were bullish on the semiconductors is some of our last updates and today it finally broke resistance at 440. If bullishness in the general market continues this index very well could be set for some great gains.

stock market updates index chart updates picture - SOX

And by far the biggest winner of the day, the small cap RUT index. Bye bye you cruel channel. This is going to be the place to be if market strength continues. We've been saying that for awhile now and it has been true for awhile now. Even Goldman Sachs has picked up on it and jumped on the Market Madness bandwagon (OK OK, so maybe they came to their own conclusions based on their own analysis and aren't actually reading our blog...)

stock market updates index chart updates picture - RUT

That's it. Just had to post those lovely charts and say a quick word. I'm NOT doing market updates anymore, I swear.

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