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Stocks were impressive Thursday, which on the back of the Burlington Northern news has turned the market's momentum positive. More positive action is needed to signal a move back the recent highs. We now can identify key support in the A/D line that must hold. If the S&P makes new highs, it may not confirm.

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January crude oil corrected from the highs at $82.58 but has again turned higher. The upside breakout last month was forecast by the OBV. The OBV still looks positive as it is acting stronger than prices. Next Fibonacci projection target is at $85.30 with long-term resistance at $90. Good support at $75-$77.50.

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It was another choppy session on Tuesday as the intraday selloffs were well supported. The small caps were the strongest after the transports. IWN has reached stronger support at $54.50-$55. The RSI3 is trying to turn up from oversold levels and a higher close today would be a short-term positive, with resistance at $60.

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A week ago, after GLD had declined quite sharply from its highs and the bearish sentiment had picked up, I discussed the positive action in the OBV, which suggested this was just a "pullback in the uptrend." Daily, weekly, and monthly volume analysis is positive. Upside target from the last rally at $108.50, then $114.

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The uptrends from the March lows on both the NYSE Composite and the S&P 500 have been broken as they have reached next support. The NYSE new highs and A/D line did confirm the recent highs, but could form more serious divergences on further new highs. The A/D line violated its trend line but is now at support.