Because the major indices are now approaching major areas of resistance from their year 2008 highs, Deron Wagner is now utilizing caution through tighter stop placement and slightly reduced position size.
The S&P 500 faces the 62% retracement level at 1228 in coming sessions. However, that also acts as a reminder that there are still 300 or so points to go for a new historic high and the bulls seem to be absolutely in control at the moment.
The stock market indices opened strong today, consolidated early on and then moved higher the rest of the session, closing near the session highs and 2010 highs going away.
Perhaps the best thing about yesterday's session was the higher volume across the board. Total volume in the NYSE increased 8 percent, while turnover in the Nasdaq ticked 23 percent higher.
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