After the big move on Friday, bringing the Dow and the S&P up through the 200 day moving average, today’s consolidation is not unexpected. The Dow appears to be using the 200 day moving average as support while the S&P 500 is trying to come back up through that level. Pay attention to the numerous J hook patterns in progress. Stay predominately long until there is a true reversal signal.
March 14th Daily Market Comments
After the big move on Friday, bringing the Dow and the S&P up through the 200 day moving average, today’s consolidation is not unexpected. The Dow appears to be using the 200 day moving average as support while the S&P 500 is trying to come back up through that level. Pay attention to the numerous J hook patterns in progress. Stay predominately long until there is a true reversal signal.