Up to today’s trading, the internal structure off of the February 9 low has been weak. However, with the employment numbers today, some of the internal components are beginning to strengthen. While one day does not make a trend, it will be important to see follow through on Monday and a continuation of increasing market structure.
The development of price must be respected. There is much good news to continue fueling higher stock prices, but it is extremely important to recognize the internals are not yet that strong. Therefore, the risk is still to the downside, unless the other internal components begin to strengthen.