July 31st Daily Market Comments

Today’s positive trading, apparently with the announcement that the China trade talks may be back in the schedule, gives the appearance the indexes may be supporting at important technical levels. The NASDAQ is currently hovering at the 50 day moving average, the Dow and S&P 500 are trying to form bullish Harami’s. But the most compelling index is the transportation index, showing good strength without any major change of it’s uptrend. Today’s positive trading illustrates any great change of investor sentiment, the uptrend should be still in progress. This is evident as long as the markets don’t show a severe selling reversal Today.