The sideways nature of the market still persists. The Dow, transportation index, and the S&P 500 are all hovering in the T-line area, not showing any directional move one way or the other. The NASDAQ gapped down today and is currently trading just below the 200 day moving average. A close at the lower end of the NASDAQ trading range would imply the 200 day moving average was not acting as support, making the 50 day moving average as the next target. This would indicate more downside over the next few trading days. Any long positions should continue to demonstrate strength, oil stocks and mining stocks continue to act well.
April 27th Daily Market Comments
The sideways nature of the market still persists. The Dow, transportation index, and the S&P 500 are all hovering in the T-line area, not showing any directional move one way or the other. The NASDAQ gapped down today and is currently trading just below the 200 day moving average. A close at the lower end of the NASDAQ trading range would imply the 200 day moving average was not acting as support, making the 50 day moving average as the next target. This would indicate more downside over the next few trading days. Any long positions should continue to demonstrate strength, oil stocks and mining stocks continue to act well.