S&P 500 Downtrend Broken, Nasdaq Still Intact
While yesterday's rally was enough to help the S&P 500 break its downtrend from September 23rd, the Nasdaq still has some work to do on the upside before the bulls can declare victory. Given that the Technology sector has been a market leader, it will be important for the Nasdaq to break this uptrend if the rally is to resume its course. We'll be watching the last hour of the trading day to see how investors act. Since the March lows, the last hour of the day had been one of the most positive hours of the day, but since 9/23, it has generally been met with selling. Yesterday's 0.3% rally in the last hour of the day, though, was the strongest in nearly three weeks.
