Scoreboard Not Quite Telling the Full Story

Despite headlines across the board reading that the Dow is up triple digits today, the action underneath the surface lacks the kind of vigor you would expect with such a scoreboard. One possible reason, as @vader7x pointed out on Twitter, is that $MSFT is up roughly 4% today, pulling all three senior indices with it due to its weighting. To be sure, there are plenty of names that are trying to stabilize and/or are still quite constructive on longer-term timeframes, such as weekly charts. That said, it will be interesting to see whether Microsoft is a leading indicator of bonafide institutional buying here, or whether this is simply run of the mill, end of the month (and quarter) window dressing. Either way, the 1270 area remains a fierce battleground, and the bulls have made it clear that they will not relinquish it with any kind of ease.

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