This is a 30 day S&P500 chart on 5 minute time frame. The green curve is 5 DMA. I have also included pieces from Google Finance and FINVIZ.com.As you can see the recent rally is still intact. The market breadth was 76/16, which, though not as strong as 90/10, is still pretty good. You can also see that today the some cyclical sectors rallied, with transportation leading and technology and capital goods just behind it. NASDAQ composite outperformed both S&P and DJIA by a clear margin. Solar stocks (not shown here) just went through the roof on high volume, one quoted reason being Chinese subsidies announcement. Solars have been the laggards of the current rally but a number of them have been forming a cup bottom during this rally (Note to self: never underestimate cup bottom formation). And on the other hand financials didn't show their recent performance. How long this rally can last remains to be seen. Right now, which is around 1 AM PST, S&P futures are pointing to a slightly lower open, but this can change in a heartbeat. Majority of trader, who have held positions during this week will probably close them before leaving for the weekend, so a mild pullback is most likely.
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