The indecisive trading of Today’s markets is occurring at potential support levels. The NASDAQ is currently trading in decisively at the reversal level of last week. The Dow is currently trading right on the 50 Day Moving Average with stochastics going into the oversold conditions. These will be important levels to watch for an indication of whether support at these levels indicate the markets are merely in a profit-taking pullback or a breach of the support levels indicating a bigger downside potential. The prognosis remains the same, have both long and short positions in the portfolio.
August 21st Daily Market Comments
The indecisive trading of Today’s markets is occurring at potential support levels. The NASDAQ is currently trading in decisively at the reversal level of last week. The Dow is currently trading right on the 50 Day Moving Average with stochastics going into the oversold conditions. These will be important levels to watch for an indication of whether support at these levels indicate the markets are merely in a profit-taking pullback or a breach of the support levels indicating a bigger downside potential. The prognosis remains the same, have both long and short positions in the portfolio.