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4/8 – Market Commentary
If the DOW & S&P are not able to break above their respective 20-Week MA’s by week’s end (8,025 DOW – 831 S&P), this will be the 3rd straight week that they have failed to break out above this key resistance level. That will not be seen as a good sign of an overall market reversal.
However, there is some light at the end of the tunnel… the NAZ has now held (so far) above its 20-Week MA for these past 3 weeks and its 20-Week MA is starting to turn upward once again. Also, after the past two weeks of fairly high, but declining up volume, this week’s down volume (so far) is far below that of the past two weeks.
Of course that doesn’t really tell us “much” about what may happen other than its anybody’s guess which way we will break next. I’m even getting a bit itchy to put on some new positions and perhaps take advantage of this churning that now is occurring.
Coach BD