The Dow and the transportation index are showing resistance at the 50 day moving average, the S&P 500 is showing resistance at the recent high of two weeks ago. The NASDAQ continues to trade higher after the breakout of the resistance level last week. It is not unusual to see some profit-taking/resistance at a major moving average, the 50 day moving average, but it will be important to see whether those resistance levels can be breached either today or tomorrow. Otherwise the sideways mode of the market in general will remain in progress.
March 12th Daily Market Comments
The Dow and the transportation index are showing resistance at the 50 day moving average, the S&P 500 is showing resistance at the recent high of two weeks ago. The NASDAQ continues to trade higher after the breakout of the resistance level last week. It is not unusual to see some profit-taking/resistance at a major moving average, the 50 day moving average, but it will be important to see whether those resistance levels can be breached either today or tomorrow. Otherwise the sideways mode of the market in general will remain in progress.