It hasn't been pretty, but it has been effective as both the Nasdaq and S&P have so far managed to defend the breakouts from their September lows. Although price has done the business, intermediate stochastics [39,1] have remained on the bearish side of their respective midlines.
The Russell 2000 ($IWM) had the best of the day's action, but it has yet to confirm the swing low as the S&P 500 and Nasdaq 100 have both done. Volume buying didn't register as accumulation, which was a little disappointing given the solid white candlestick. And while edging a close above its 20-day MA, I would want to see some follow-through tomorrow.
There is one metric I have noticed that could spell good news for bulls and that's the relationship between the Percentage of Nasdaq Stocks above their 50-day MA and the Nasdaq Bullish Percent Index, now on a 'buy' trigger. The last such signal in May saw some solid upside for the Nasdaq. I would be looking for another round of gains for the Tech index here
