The successful test Buy signal will apply as long as we don’t close lower than 1257 on higher volume, because that would indicate the sellers are back. A successful test is a technical indicator that just means selling pressure has eased enough to let the buyers move the market up.
It can always be overcome by bad news. Bad news re-starts the selling.
Today was interesting, because the news was all Greece and all bad, but we didn’t go down. Bad news and the market went up? I see that as bullish. Another bullish point: an indicator of breadth that I review (% of stocks advancing) is looking positive and that should bring some up-action ahead. How long will the S&P be bullish? Well, we never know that. This may be slow advance, or even reverse to the downside. Overall though, I am cautiously optimistic.
NTMS is HOLD Today.
Since volume analysis called a Buy last week on the Successful test of the prior 1257 correction low, I upped my investment position to 50% invested in stocks overall.
