While the overnight session took the market below Friday's low, the futures opened up near Friday's close and almost immediately started to move higher. AAPL's amazing earnings should push the market to new highs tomorrow; but the big question will be if it will hold. A close above today's high should push significant strength into the market and carry it up the rest of the week. A reversal tomorrow, on the other hand, would be a major sign of significant distribution, and we'll see selling the remainder of the week. Of course significant selling at this point could push the market right of the cliff, so it should be an exciting day tomorrow.
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I follow the Toronto Stock Exchange which is a higher beta market thanks to resources - but it is exhausting and could be marking a top very soon. In fact it has not been able to create new highs similar to the DOW and S&P. Lot's of divergent behaviour in the markets right now.
ReplyDeleteThe overnight futures were strong but the market opened weak - this could be the transition of the trend from up to down in play.
Should be an interesting week.
Mike
totally agreed - so far so good!
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