Many strong buy signals were generated in the market on Tuesday, and the near to intermediate-term picture looks quite bullish. Very near-term, however, we're still nearing key overhead resistance and are short-term overbought on the McClellan oscillators and other indicators. AIG has popped up on many trading screens and watch lists in recent days and for good reason. The stock has recently moved and held above resistance at its long-term descending trendline as it moves up from a bullish double-bottom base.
The U.S. dollar has been persistently upwardly mobile in recent weeks, but may be showing signs of entering a correction. It hit very long-term established resistance at the February high, which was shown here previously and marked a logical level for at least a pause, which we've seen play out. UUP, the dollar ETF, is trying to complete an h/s pattern, although it still has some work to do before it would be confirmed. Stay tuned.
I will add more charts to this post intraday if time permits. In the meantime, all eyes are on $SPX 1,150.45, the 2010 intraday high touched in January before the correction got underway.
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