The market continued to rally into the weekend on a higher-volume, month-end move in anticipation of something significant taking place when Chinese President Xi and President Trump meet for dinner on Saturday. The Dow Jones Industrials pushed further beyond its 200-dma, which it cleared on a follow-through type move on Wednesday, before running right into its 50-dma.
The S&P 500 Index also pushed higher, but instead ran into its 200-dma as it lags the Dow. So far, Wednesday’s follow-through is holding up, but in my view the true, discernible market turn occurred on the prior week’s successful test of the prior late-October lows.
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