The 50 day moving average currently is not acting as resistance for the Dow and S&P 500. The early morning consolidation is the usual trading mode when a trend is in an uptrend. The NASDAQ appears to be moving up toward the 250 day moving averages. Be careful of profit-taking, but as can be seen on the charts, a majority of the hard selling of last week is now been recovered. With the indexes coming back up into the previous trend channel, watch for some continued profit-taking. But stay predominantly long until any weakness in the markets appear.
June 30th Daily Market Comments