Higher buy-volume gives the Bull a vote of confidence, but chartwise we’re still in “no man’s land.”
With the 50-day moving averages still serving as resistance for the Dow, S&P 500 and Nasdaq, there’s much to prove before taking a bullish bias.
The same can be said for the majority of stocks out there.
Lack of conviction in either direction is also evident in the high/low counts, with the NYSE posting a dominance of 188 highs to 69 lows, and the Nasdaq showing a different scenario with 27 highs to 69 lows.
As mentioned in the weekly Growth Stock Report for subscribers, sometimes the best thing to do is simply nothing. Eventually we’ll get our break one way or another.