Alerts & Commentary
7/29 – Market Commentary
Even though today was a good day for the markets in general, it certainly wasn’t exceptional, or displayed any real conviction in the form of strong volume.
The DOW and S&P traded on average volume and the NAZ was just above average. And although all of the averages closed above their respective 20-Day MA’s, neither the DOW or S&P closed significantly above that trend resistance level. Only the NAZ showed a more bullish trend, opening above the 20-Day and closing the day at the top its range.
However, when we look at the longer trends, none of the averages have yet encountered the longer trend overhead resistance on either a weekly or monthly view. Both the DOW and S&P are well below All of the Weekly trend-lines and the NAZ is just 16 points above its 200-Week MA.
There is clearly much hard work ahead before this market can turn itself back to the upside on all of the down-sloping trend periods.
We may have made at least a near term bottom recently but as we trudge higher we need to see increasing volume as the averages move up, NOT decreasing volume. Watch the volume trends closely if the averages continue to move higher in the ST.
Coach BD
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