Last night I said "The IB at the base of support could lead to expansion tomorrow. At the moment we look well positioned to bounce technically, but news and economic data will, no doubt factor in. "The move of fresh institutional cash into the market at the start of the new month/quarter led to a steady uptrend following the Finance (LEH, UBS) related gap higher and strong economic data. So the retracement was a coiled spring and today's higher high on bigger volume was expansion.
I like the convergence of the MAs around price. This is the second break above the 50 MA which is now flatter than the last time. This break has a better chance of sticking.
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