The strong reversal signals of Friday are now being confirmed with strength Today. The Dow has gone from supporting on the 200 day moving average and is currently nudging the 50 day moving average, the top of the wedge formation. The NASDAQ gapped up through the 50 day moving average/downward resistance level. Bullish confirmation is also illustrated in the big stocks, AAPL, NFLX, AMZN, NVDA. The wedge consolidation may be over based upon the breakout of the NASDAQ today.
May 7th Daily Market Comments
The strong reversal signals of Friday are now being confirmed with strength Today. The Dow has gone from supporting on the 200 day moving average and is currently nudging the 50 day moving average, the top of the wedge formation. The NASDAQ gapped up through the 50 day moving average/downward resistance level. Bullish confirmation is also illustrated in the big stocks, AAPL, NFLX, AMZN, NVDA. The wedge consolidation may be over based upon the breakout of the NASDAQ today.