Stock Indices Move Higher On News From The Middle East

Certainly, the news event concerning the possibility of an agreement with Iran gave the Indices some fuel to trade above yesterday’s high. However, While the Indices were higher, price development was not that significant, except for the Russell that made a new all-time high. Market internals strengthened slightly but not to the degree I would have expected. Therefore, I will be cautious on Monday. If there are higher prices, the internals need to strengthen to support price, or the rally is at risk. On the other hand, if today’s low is traded through, it could suggest a test of the recent lows is in the offing. If bad news happens over the weekend, the Russell is more at risk, due it is rally today, than the other two.

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