The stock market has surprised many pundits this week as the sharp drop at the end of last week had some fearing another round of selling this week. Monday’s late reversal suggested that the buyers, not sellers, were in charge. So far, the market has held up well, and though the ratio of advancing to declining stocks has been positive, they have not been stronger than prices.
The ratio was about 3 to 2 positive Tuesday and also closed positive on Monday. The McClellan oscillator has moved back above the zero line while the NYSE A/D line is quite close to making another new high. The S&P Case-Shiller Housing Price Index was positive, Tuesday, and Monday’s Pending Home Sales were stronger than expected.(more)
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