The Dow is moving sideways but indicating there is still bullish sentiment in the market. The NASDAQ is more informative with it currently nudging the 50 day moving average, forming a potential J-hook pattern. It will be important to see whether the NASDAQ can maintain its strength near the 50 day moving average or whether they start selling off from that level. Gold appears to be trending sideways, crude oil trying to get back up through the 50 day moving average. Although the strength of today’s buying is not resilient, it indicates there is no signs yet of any selling pressure. Stay long especially in the sectors that are continuing to show good strength, i.e. cannabis stocks.
January 15th Daily Market Comments
The Dow is moving sideways but indicating there is still bullish sentiment in the market. The NASDAQ is more informative with it currently nudging the 50 day moving average, forming a potential J-hook pattern. It will be important to see whether the NASDAQ can maintain its strength near the 50 day moving average or whether they start selling off from that level. Gold appears to be trending sideways, crude oil trying to get back up through the 50 day moving average. Although the strength of today’s buying is not resilient, it indicates there is no signs yet of any selling pressure. Stay long especially in the sectors that are continuing to show good strength, i.e. cannabis stocks.