The 200 day moving average is an important level for the Dow. It acted as a resistance level a couple months ago. This will make candlestick signals more relevant at this level. Be nimble. Good economic news produces more reasons for the feds to continue to raise interest rates.
November 2nd Daily Market Comments
The 200 day moving average remains a relevant resistance level for the Dow. The NASDAQ is confirming yesterday’s bearish left/right combo with the current trading below the T line. The S&P 500 has backed off to the T line and 50 day moving average. Today’s indecisive trading is waiting for the Fed report. Any aggressive buying or selling should be done after the fed announcement.