Wang’s Happy Trading

Can you believe it? On the day after a quick “profit-taking” flush, the DOW made a new closing high!! SP 500, Nasdaq, and SOX all defended their 10-day MA well!

SPX

1500 is less than 15 points away!

Nasdaq

Nasdaq managed to defend the 2525 level and close above its 10-day MA! We’ll watch it closely to see if it’s ready for the next leg up!

So, the bulls seem to want the control back! They did flush out a lot of weak holders yesterday. The weekly, and monthly, charts are still strong. But, it seems like they’ll need some more catalysts.

When GOOG gave its “blowout” earnings a week-and-a-half ago, it sparked this rally. But, GOOG itself is actually lower today than the days before the earnings! Now, we’ve had many great earnings in the past week to continue to push the markets higher. Most of the big techs have reported. You’ve gotta start wondering when the MMs are going to use GOOG to propel the markets further.

GOOG was able to hold its 30-day MA today. A good sign! After 3 slow-rising pockets, will the MMs finally let GOOG run up?! Let’s see if GOOG can bounce off its 30-day MA and catch its upper BB first.