Given recent volatility in the broad market, combined with a vast amount of overhead resistance levels, a single instance of higher volume gains does not necessarily give the "all clear" signal to start aggressively buying and holding new positions. However, it does provide a bullish near-term sentiment for short-term traders.
The rising lows are certainly a positive sign on the chart for the S&P 500, and once again the FX background looks reasonably supportive that the 1100 barrier can be mounted.
The flight-to-safety appetite for the Japanese yen is not in evidence this morning, and Clive Corcoran would not be surprised to see a relief rally when US equities open for trading today.
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