The DOW is perhaps headed for a 4th failed attempt in the last 5 weeks to break above its 200-Week MA. With all of the other short term weekly trends headed downward, this doesn’t suggest we will see any significant upward movement anytime soon.
It also appears that the DOW and S&P are following closely their respective down-sloping daily trends (20, 40, 50-Day MA’s). Only the NAZ is making any attempt to buck the ST trends, but it seems to have found significant resistance from its down-sloping 200-Day MA.
The markets continue to lack any positive catalysts to sustain any strong upward movement. That could be setting up for a very ugly September, when all the traders are back from vacation. On the positive side, we could also see a real bottom in SEP or early OCT.
