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1. Positive

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Fundamentals
Investors were back and forth today as fundamentalists buying into the recovering economic outlook battle technicians selling into the resistance. Intraday range was volatile but also limited due to a lack of strong catalyst on either front. However, the fact that the market was generally higher by the end of the day shows that strength in the market is still significant. Tomorrow’s jobless claims is this week’s highlight and any surprise on that front might be the catalyst the market needs to go either direction.

Technicals
The Dow continues to struggle around the 12,800 points resistance zone following last Friday’s marginal breakout. However, it seems like there are plenty of strength in the market with the bulls taking back lost ground most of the time despite the Dow being in short term overbought condition and overdue a pullback. In the face of such uncertainty, it is always better to have a longer outlook and there is no doubt the longer term outlook is positive.

For now, the Dow remains in all out bull trend.

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