As seen in the chart below the S&P 500 rallied up into its 200 day moving average (purple line) and failed to work above it. This is now the third time in the last several weeks the index has rallied back and failed to move above the 200 day. At the moment this is neither a bearish or bullish development rather the natural stalling point from its recent oversold bounce. For the rally to continue we need to see the 200 day moving average decisively cleared and internals to be solidly positive on the move.
| NASDAQ/NYSE Internals | ||||
| NASDAQ Up Volume | 280.01 | NYSE Up Volume | 573.2 | |
| NASDAQ Down Volume | 227.75 | NYSE Down Volume | 509.05 | |
| Ratio | 1.23 | Ratio | 1.13 | |
| NASDAQ Advancers | 1452 | NYSE Advancers | 1881 | |
| NASDAQ Decliners | 1144 | NASDAQ Decliners | 1189 | |
| Ratio | 1.27 | Ratio | 1.58 | |
| NASDAQ New 52 Wk. Highs | 50 | NYSE New 52 Wk. Highs | 47 | |
| NASDAQ New 52 Wk. Lows | 4 | NYSE New 52 Wk. Lows | 26 |
As seen in the above table market internals were slightly positive on the session mirroring the day’s trading activity.