The Bounce Continues…But Will It Last?

The Following Is An Excerpt From A Intra-Week Update:
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FLS Update: 8.14.14

The Bounce Continues….Will It Last?

Approaching Resistance

The market continues bouncing and is approaching a critical area of resistance. It will be important to see if the S&P 500 (SPX) and the Dow Jones Industrial Average (INDU) are able to break above resistance (50 dma and downward trendlines- see charts). If not, it could easily roll-over and hit new lows. Earlier this week, in our Tuesday update, we noted that the Small-Cap Russell 2000 and the Nasdaq serve as a good tell for this market. So far, the Nasdaq Comp & Nasdaq 100 have taken the lead (strongest performers on a YTD basis) and the Russell 2000 is slowly improving (it stopped going down).  Stay tuned, we’ll have a full report for you this weekend. Until then, we remain optimistic and all the evidence still suggests this is just another shallow pullback in this very strong bull market.

S&P 500:

SPX- 50 DMA LIne Resistance

Dow Jones Industrial Average: