There was a lot to shake your head about today. SPX rose 1.78% today on fumes and a lack of any participation in the market. Even more interesting was there was no news or economic data to move the market, CNBC report it was M&A activity that spured the advanced. This makes sense since, they can't pump up the economy, or earnings and they already played the Warren Buffet card. So they now have to cheerlead about M&A.
There was a complete lack of volume today, 87% of the volume today was up-volume and 13% was down-volume. This shows a bullish basis but it may not be a correct signal since the total volume in the market was well below normal. A low volume can be manipulated easily.
The market regained it's bullish ways today breaking above 1054 and touching the bottom of its previous August support at 1065. But this area provided strong resistance and smacked SPX back down each time it tried to get around the 1065 level.
Another shake the head moment was while SPX climbed the dollar climbed today too. While this should've been bearish for equities, both equities and oil seem to shrug this off and move up their own way up.
What an odd day, SPX climbed on a day with weak volume and managed to do so with a rising dollar.
