The bulls will need to show continued strength today to confirm higher highs and a possible near-term bottom for the major indexes. The 3-day momentum helped level out the downtrending 50-day moving averages for the major indexes and this was a bullish development.
Although the small-caps remain a slight concern, they could show the most strength on continued overall market strength. Of course, a deceleration of the VIX and close below the 15 level this week will also be needed to confirm near-term bottoms and continued momentum.
We could have fresh New Trades today, depending on the action, so stay locked-and-loaded.
