A second session in a row of decent gains took place on US markets overnight, the major indices closing between 1.2 and 1.5% higher. Many technicians will be watching several areas of confluence on the S&P500 for further upside from these levels. Also of note for the US market is the Dow Jones Transports Index which is leading the Dow Jones in advancement and by our by our daily trend indicator has just moved into an up trend position. The Dow Jones is not quite there yet. Our market is lagging and has a bit more work to do to achieve the same. At least today the market took on the positive US lead and put in a solid day resulting in good gains from the open and closing near the day’s high. The XJO put on 1.2% to close 55.2 points higher although volume was light. One day doesn’t break the downtrend however, so the market needs to gain some traction from today’s effort. Financial year end tomorrow.

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