By Richard Russell
As subscribers know, I'm rooting for the USA. Yesterday the Industrials held above 16,000 by one point, which I thought was bullish. Today the bullish action continues.
As I write both the Industrials and the Transports are higher. The NYSE is still bullishly above 9,000 and up 17 points. The S&P is also higher. For a confirmation of the bullish picture, the Industrials will have to stay above 16,000. And for a double bullsh confirmation, the NYSE will have to climb above 10,000 again.
As far as the trend, it's mixed but verging to the upside. Hopefully the whole picture is turning bullish for America. My best wishes to all my loyal subscribers.
Late Notes -- The tip off was when the Industrials closed at 16,001 yesterday. They did not close under the 16,000 level. This was bullish because the 16,000 level held like a rock. Today we got an upside reversal and the ... Log in or subscribe to continue reading.