Well wudayaknow? A Follow Through Day (FTD.)

All bull markets have begun with an FTD, but not all FTDs lead to bull markets.

The FTD tells us institutions may be taking aim at the long side. The +1.7% moves on volume higher than the previous day’s indicates heavy commitment.

We’ve long believed the market is capable of a sustained rally. The extreme fear priced into the market has washed out a lot of sellers who have been keeping things down.

When the sellers run out of gas the buyers take hold.

How long a rally may run is beyond us, but we’ll get clues as the market slowly shows its hand with potential Leadership and volume trends via Accumulation and Distribution.