The market is sticking to the script after weathering another bout of selling late last week and again Monday morning before finding its feet and stumbling higher. On Monday morning, most leading stocks that found themselves caught up in the selling were reaching deeper, near-term support levels, as I tweeted at that time, and were potentially coming into opportunistic long entry areas.
These names found support and bounced higher with the market as the NASDAQ Composite Index reversed around its 20-dema and regained the 10,000 level yesterday. Now it’s back at the prior highs although it posted an all-time closing high today on increased volume. Breadth was notably lacking and showed some divergence as decliners bested advancers 1851 to 1503.
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