HGSI In Action Ron Brown – July 23rd, 2014, Morning Comments
The SP 500 hit another new high yesterday, and the bears are finding it unbearable. The NASDAQ Composite gapped open and traded in a narrow range for the rest of the day. It was pushing its high for the day until the afternoon session when it pulled back in what turned out to be a shakeout before regaining ground. Although the futures rebounded along with the Composite, the internals remained flat close up at 2 to 1, advancers vs. decliners. During the early morning buying and short covering frenzy, advancing issues led around 4.25 to 1. Volume picked up late in the session, but still closed -5.58 percent below its 21 day moving average, and the Composite closed at 60.97% of its daily range.