All Major Indices Are Back Testing Their 13D EMA's

SGS is Long (as of close of 4/1/2011)
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Today's rally was impressive for the following reasons:

• The rally was steady and evenly paced indicating that side money is scaling in.
• Market breadth was fantastic for both NAZ and NSYE.
• There was very little panic buying that usually accompanies short covering rallies in a bear market. 

All five major indices closed just below their 13D EMA's.  A close above that moving average (probably tomorrow) would be bullish, signaling that the correction is done.  I think chances are excellent now for indices rally to test their recent multiyear highs.

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Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.