The lack of follow through today, while not exactly what I wanted to see, still was not a huge negative. This is because there really was not much downward pressure today and actually as I watched the futures trade today there was some fairly aggressive accumulation going on.
Now the chart pattern that we currently have is a crossroads pattern, in other words, the market could go one way or the other from here. I am favoring a small continuation of the rally for a couple of reasons.
First, the major momentum models actually ticked up today and kept the upside inertia in tact.
Secondly, Thursday is very typically a decent day for higher stock prices and even more so when Wednesday is a down day.