After a hot opening and some consolidation throughout most of the session, the Dow Industrials are putting together a little run into the close and are trading near their session highs.
Dow Jones Chart - 60-minute interval.
The Dow Industrials have put together a rally late in the trading session and are close to challenging this morning's high of 10,622. The 50-period and 200-period MA's look to be providing some support for the bounce. MACD has gotten above the zero level and 10,700 isn't out of the question in the next couple of sessions. This activity has pulled the NASDAQ out of the red and has us feeling comfortable in our analysis of technical strength among the big three indexes.
&P Retail Index Chart - 60-minute interval.
The RLX.X is trying to push through our downward trending resistance here. Shares of Wal-Mart (WMT) continue to surge and are trading at a session high of $49.75 (up 10%). The above charts and activity should be helping investor psychology and traders should now have some good levels to start snugging up stops under bullish trades made on Friday.