Market Ends Correction

On Tuesday, the market opened up and crept upward in the morning session; it dipped during the noon hour, but it recovered and closed strong. The S&P closed back at the morning session's highs while the Nasdaq motored ahead and made a higher close. 

Today was the 4th consecutive up day in the market. The S&P 500 closed at a new all time high of 1,911 (+11 points). The Nasdaq closed up +1.22% (+51 points). Short-term resistance for the Nasdaq is 4,286, the 2 April pivot high.

Dow Transports closed at a new all time high; the Dow Industrials closed below the all time high set on 13 May, but the index closed up +69 points (+0.42%)

Volume was higher today, so this was a day the BIGs were actively buying. The Nasdaq volume was up +18% compared to Friday, and the S&P volume increased by 27% over Friday's numbers. 

The increased volume, along with the S&P new all time high, are two of the factors which qualify to end the correction. Historically, the month of May has a slight negative bias, so continued caution is warranted.