May 8th Daily Market Comments

The NASDAQ, although backing and filling a little today, is staying above the T-line as well as the upper wedge resistance level. The Dow and S&P 500 are trading in decisively today just below the 50 day moving average and the upper wedge resistance level. This implies no major change of the trend, basically sideways with the NASDAQ creating some bullish bias. The candlestick signals do not illustrate any major change of investor sentiment. Stay predominantly long.