A Positive Day But the Market Needs Volume

On Wednesday, investors digested more earnings reports, and the FOMC April minutes were released. The market opened up and rose in the morning session. The afternoon session added to the gains. The Nasdaq climbed +34 points (+0.85%), the S&P rose +15 points (+0.81%), and the Dow jumped +158 points (+0.97%). 

Volume was lighter today. Advancers beat decliners by a 7-to-4 margin, and up volume outpaced down volume by 8-to-3. Breadth was positive all day. TRIN was low (< 0.75) all day, and this suggests volume dominance by the bulls. 

Despite lower daily volume, today was a day of solid gains for the market indices. Several stocks hit new highs, such as QIWI which gained +20% today. Several stocks are testing their 50 EMAs, which could be positive sign for upside moves that will trigger 50/50 trades. ALGN, a prior ProSelect stock, closed above its 50 EMA today after declining steadily since late January.