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6/25 – Market Commentary
Since our last Market Commentary the danger we were seeing then has claimed at least the DOW as it is now struggling up against its 200-Day MA and has now closed below it for 9 straight sessions.
The S&P is in a bit better shape but still not showing any real strength. It is managing to hold above its 200-Day MA but it looks shakey…
The NAZ is making a valiant attempt to stay strong but this growing “weakness” may claim all of them on the way to a another leg down if the DOW and S&P aren’t able to BO strongly above this criss-cross mish-mash of converging trendlines.
It just feels weak now, as opposed to last week when we were feeling more confident. Feels like this current rally of the past few weeks may be rolling over, and if it does, it could fall fast. We are going to start cutting position size, raise cash and watch the action for clear signals of a ST trend. It certainly looks to be down at this point.
Coach BD