Friday Outlook: Steamrolling the Bear

March 26, 2009



Steamrolled - that’s one way to describe recent action. The bullish beat goes on as does the rally. We’re much overbought but that doesn’t seem to be slowing bulls down and you just have to stay out of the way.

One thing’s for sure: the DeMark Sequential 9 count on many monthly charts (SPY shown below) foretold that a change in direction was entirely possible. Given the oversold level of that indicator plus the extreme low RSI (Relative Strength Index), an epic bounce was in the cards.




Volume today was high especially on the NASDAQ while breadth remains quite positive.

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Let’s look a further inside tech-land.









































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