18May3:51 pmEST

Is the Market Still on Cloud 9?

A decent bounce in U.S. equities today helps to calm the nerves of traders in the near-term, especially in light of the Brazil drama overnight. 

However, the S&P 500 Index is currently dealing with its flattening 50-day moving average, and small caps are now operating below a declining 50-day.

If stocks are still on Cloud 9 and dip-buyers are willing to lay it all on the line into any pullback, however scary, then I suspect yesterday was the one-time reaction to the exogenous event theory we discussed this morning. Indeed, there are plenty of quality charts to monitor. 

Now we need to see bulls maintain this bounce and build on it into next week.

Speaking of clouds, CRM reports tonight and has been sporting a sound chart. A strong earnings reaction may galvanize tech bulls further tomorrow. 

More after the bell in my recap. 

Unsaturated Markets for Satu... Stock Market Recap 05/18/17 ...


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