By Thursday's close, both Nasdaq and NYSE volume totals had fallen off the prior day's pace. The current rally will have a good chance of sticking as long as the major averages continue to consolidate or retreat on lighter volume.
The stock market indices swung back and forth most of the session, but a late, sharp rally brought them back into the plus column and they closed not too far off the session highs with gains on the day.
Given yesterday's quiet session, nothing has really changed on a technical level. Deron Wagner still sees the major indices in short-term uptrends, within the context of intermediate-term downtrends.
The S&P 500 managed to push decisively above the 1100 level in Tuesday’s session and now seems to be ready to confront another key test at 1120, which is the level of the 50-day EMA.
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