August 29th Daily Market Comments

The nature of the market has been indecisive for the past few weeks. An event like the North Korean missile rocket launch has a more bearish reaction that if the nature of the market had been solidly positive. However, after the Dow opened down 125 points, it has climbed up to where it is often only 40 points. This indicates the initial selling was merely a knee-jerk reaction versus the start of a major selloff. The Dow has currently supported at the 50 Day Moving Average but still indicating a sideways mode of the trend. The NASDAQ and the S&P 500 are not showing any aggressive selling, the NASDAQ trading well above its open. The lack of overall market direction continues to make each individual stock chart the top analytical factor.