Dow and S&P rally

The S&P extened that upmove that started after the big sell-off on Monday. The volume was very light as can be expected going into Labor Day. There is news and another trading day to go. Anything can happen when many traders are not in their offices. The chart looks like the recent pullback formed a bull-flag with a nice breakout today, although the light volume makes it not quite so nice. There was also a little double bottom on the momentum indicator. The Nasdaq did not participate much in the rally. The S&P is approaching the 50% correction level drawn from the May high to the July low. It will be interesting to see if this rally can overcome that area, or if the daily swings continue to chop back and forth. The failed rally attempt and reversal down in crude oil helped.
I think I have the bugs fixed in the upgrade to the blog software. I’ve only checked the images and alignment on my computer and the one browswer. I will continue to check on other browswers and screen resolutions to see if there are problems.

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