The market gave us what we needed to salvage our budding upward momentum. We held the bottom on the QQQQ and the 50% retrace on the SPY and DIA. In looking at our charts, our slow and fast momentum indicators slowed their decline significantly. Our moderate indicator continued its sharp downward path. IF the market continues to rally I expect all indicators to turn upward as we head into the weekend. The market will tells us what it wants to do, of course.
We do want to note that CSCO, which was the big negative news in the morning, actually posted a nice gain for the day and nearly made our top 25 longs list.
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