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Market Action- Market In A Confirmed Rally
From our point of view, the market is back in “rally-mode” as all the major averages continue to trade above their respective 50 DMA lines and are perched below their 2011 highs! In addition, leading stocks have held up very well even as the major averages slid below their respective 50 DMA lines. If you are looking for specific help navigating this market, please contact us for more information.
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Monday, October 18, 2010 Stock Market Commentary: Stocks rallied as the US dollar fell and the latest round of economic and earnings data hit the wires. Volume patterns remain healthy as the major averages continue their 8-week rally. Healthy volume patterns are important because they suggest large institutional investors are aggressively buying, not selling, stocks. …
The major averages ended mixed but in the lower half of their intra day range as investors digested the latest round of economic data. Volume, an important indicator of institutional sponsorship, was lighter than Tuesday’s levels on both major exchanges which helped offset the weak close.
Market Outlook- Market In A Correction:
From our point of view, the market is back in a correction now that all the major averages closed below their respective 50 DMA lines and important upward trendlines. Since the beginning of May, we have urged our clients and readers to be extremely cautious as the major averages and a host of commodities began selling off. Looking forward, the next level of resistance for the major averages is their recent lows (i.e. 1294 in the S&P 500) and then their respective 50 DMA lines. The next level of support is their longer term 200 DMA lines and then their March 2011 lows.
For those of you that are interested, the S&P 500 hit a new 2011 high on May 2, 2011. Two days later, on Wednesday, May 4, 2011, we turned cautious and said “The Rally Was Under Pressure” (read here). Then on Monday, 5.23.11, we changed our outlook to “Market In A Correction” (read here). On Monday, June 6, 2011 we pointed out that the S&P 500 violated its 9-month upward trendline (read here) and reiterated our cautious stance. We have received a lot of “thank you” emails for being “spot on” in our approach. We are humbled by your presence and very thankful for your continued support. If you are looking for specific help navigating this market, please contact us for more information.
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Monday, April 5, 2010 Market Commentary: The major averages opened higher after the latest round of stronger than expected economic data was released. Monday was the first trading day after March’s nonfarm payrolls report was released. Stocks rallied around the world after the Labor Department reported the strongest monthly reading in payrolls since Q1 2007. The…
Sellers Getting Stronger After Tepid Economic & Earnings Data Once again, sellers are showing up, after a 2.5 month hiatus, and putting pressure on several key areas of the market. Short-term, the major indices rallied right into major resistance (prior chart highs) and are now pulling as the pause to digest the strong rally from…