Although the Dow and the NASDAQ are showing potential support at the 50 day moving average, there is nothing as far as bullish signals indicating the downtrend is over. The S&P 500 and the transportation index still have more downside to get to the 50 day moving average. It is inflation over with? If the perspective of inflation slowing down last month was based upon a pullback in price of crude oil/gasoline prices, watch crude oil prices. They appear to have shown buy signals/basing at the 200 day moving average and moving back up. If Crude oil prices continue to move higher, that will indicate inflation is still going to be evident in the next inflation report. Stay predominately short. Energy stocks and lithium mining stocks continue to show bullishness.
August 29th Daily Market Comments
Although the Dow and the NASDAQ are showing potential support at the 50 day moving average, there is nothing as far as bullish signals indicating the downtrend is over. The S&P 500 and the transportation index still have more downside to get to the 50 day moving average. It is inflation over with? If the perspective of inflation slowing down last month was based upon a pullback in price of crude oil/gasoline prices, watch crude oil prices. They appear to have shown buy signals/basing at the 200 day moving average and moving back up. If Crude oil prices continue to move higher, that will indicate inflation is still going to be evident in the next inflation report. Stay predominately short. Energy stocks and lithium mining stocks continue to show bullishness.