Big day in the market today, but there is a number of questions in my mind that looms, casting doubt on the legitimacy of today’s rally, both from a daily perspective and an intraday perspective.
On the daily charts, you’ll see that we failed to recapture the psychological 1200 mark that the markets need to close above – attempting, on three separate occasions, to no avail.. However, the S&P did take back the 20-day moving average, but barely did so by three-tenths of a point…Hardly convincing. You also have a quasi morning-doji candle that was created but is somewhat deformed and not as clean as I would have liked to of seen.
