This all could change tomorrow once the FOMC meeting proves to be a non event. Although, lately, the rhetoric out of Washington has been more tamed as of late. Speaker Boehner did call out the President from house floor today, but he didn't say anything new or more damaging than he's said already. Then, the President came down on revenue he's seeking from $1.6 trillion to $1.4 trillion. A few glimmers of hope can be seen shining. We don't need hope though, we need a deal that makes sense. Until then real money won't come into this market. Today's volume bar was husky, but look to the far left of the chart above. That even huskier red bar underscores this point.
Now it's the bears turn to counter this move the bulls made today. They'll try to test the 50 and 200 day and I think they will fail. I say that because $AAPL has woken up. A look at the action over the past two weeks is telling.
$COMP bulls won today, what tomorrow holds, nobody knows. But this market is day to day like the cliff talks in Washington so keep your ears and eyes peeled, and your antennas up. One thing that jumped out at me today was the fact that technology stocks moved this market higher today largely without the help of financials. The $XLF was up 0.50% while the $NDX was up 1.30%. Since 2009 tech stocks taking the lead from financials in a big way has pointed to higher prices for stocks overall. Anyway, good luck traders, and happy hunting!