The averages are all looking much healthier over the last 3 weeks and the Daily Trends are starting to turn upward once again, save the 200-Day. The 20-Day MA is headed upward and the 40 & 50-Day MA’s are flat but in the process of turning back upward.
We are experiencing quite a bit of “churning” right now, which is a good sign with the averages holding above the trendlines we mentioned above. All have also held above their respective 20-Week MA’s, the first of the weekly resistance trends, with the DOW now closing above its 20-Week for the past 4 weeks, the S&P for the past 5 weeks, and the NAZ for the last 6 weeks. The NAZ is looking pretty strong recently.
We are now looking at add-ons and new entries, and those will based on how this week closes. Let’s hope for more good earnings reports to close out the week. We may be in the midst of a good overall market trend reversal.
