Nice short term bounce, but concerned about longevity
Today we saw a very nice pop in the market. It was ready to have the spring unleashed and this morning's economic data was good enough to be the catalyst. The charts look more healthy on the daily and 4 hour, with a bullish crossover on the DJIA MACD (4 hr). However, the very short term charts (30 minute or less) look to be a bit overbought. The RumWave chart is up against a resistance level. For those reasons I'm expecting a little bit of a negative open tomorrow.
This is not a buyable rally from the RumWave perspective, but it does have interesting short term gamble potential.