Hit and Run Market Still

It was good to get out of town, and take a few days off from the market.  The Nasdaq put in a short term bottom this week; with the advance/decline numbers confirming a bullish move.  Those billions of dollars handed out by the Fed really has the ability to increase the money supply.  When loaned to, and leveraged by hedge funds, it has the capability to become a few trillion.  That reality may have sparked this week’s upsurge.

I doubt it’s the final bear market bottom.  The results from next week’s Presidential election will definitely play a part in market direction.  We’ll have to see how the charts shape up.

Today both the Nasdaq and SPX tagged their 20 day moving averages.  A good place to stall.

The Nasdaq broke to the upside of it’s 60-minute triangle, and came right back to test it at the close.

Six lower highs on the Nasdaq weekly chart.  You can’t get bullish longer term, until you get that first higher high candle.  And that’s just to get started.

I see the futures are back up again tonight.  +200 on the DOW, +29 for the Nasdaq, and +21 for the SPX as I write.  This is a FAST market. A hit and run market for me.