Markets once again are dancing to the melt up beat with the S&P 500 leading the way up .6% and the Nasdaq up .2%. The Nasdaq experienced some early softness with the NFLX reversal and its intraday range was almost 50 handles. When all was said and done it recorded a bullish outside day. For the fifth straight the the tech benchmark gained ground in above average trade. It does seem extended now as it is more than 200 handles above its 50 day SMA, but markets have a way of staying overbought. The big round 4000 handle looks like a magnet may be pulling it in that direction. The S&P 500 is more than 70 handles above its 50 day SMA and without trying to sound redundant made another all time closing high. Looking at sector ETFs that made some technical moves today were the lowly rated agriculture sector. MOO closed above its 200 day SMA today. It has been below that long term secular line for the most part since May. The ETF traded above that line briefly in July. Reviewing some of the components, the ETF could get a boost if DE can push above its own 200 day one handle higher from where it stands now. MON could provide some more energy if it could close above the 108 handle. It has been up 9 of the past 10 sessions, growing sprouts.
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