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Post Market Analysis, Wednesday January 13: Bullish

|Includes: DIA, SPDR Gold Trust ETF (GLD), IWM, QQQ, SPY, UUP, XLF

 Yesterday I drew attention to the fact that the markets showed strength into the close and I predicted that we would see a bounce today. I was right.

Now that I have that out of the way, let's look at the markets. Our leading indexes (Nasdaq, Financials, and Russell 2000) were the strongest today which is nice to see. The market internals showed some weakness early in the session, but turned around and spent most of the day in bullish territory. Gold (NYSEARCA:GLD) climbed almost a full percent today, and the Dollar (NYSEARCA:UUP) fell slightly.

The daily chart of SPY looked like it was pulling back yesterday, but today's action completely stopped the down leg. Do not count the bulls out. The markets still want to go a little higher. There is major resistance coming up around 120 on SPY. I would not be surprised if we reach that point and begin to turn around. We will see what happens.

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