Sixty minute charts for the Nasdaq and SPX gave clues that we’d rally today. Yesterday, both triggered buy signals when they left higher-low pivots. This morning when both gapped near their respective upper trendlines, and ran right through them, it was off to the races.
I showed the same 60-min chart yesterday, but sure wasn’t expecting today’s huge rally.
The buying power today helps set up a seasonal rally into 2008. We’ll have to see how the eventual pullback plays out.
