The Dow trading higher because of GDP showing 2.6% growth and/or better-than-expected earnings in Dow stocks. The 50 day moving average remains a viable target but with the warning the Dow is now moving significantly away from the T line. The S&P 500 is trying to nudge through the 50 day moving average and the NASDAQ needs to close above the T line today. Long positions are working well but be prepared for the markets to possibly show profit-taking before the end of the day.
October 27th Daily Market Comments
The Dow trading higher because of GDP showing 2.6% growth and/or better-than-expected earnings in Dow stocks. The 50 day moving average remains a viable target but with the warning the Dow is now moving significantly away from the T line. The S&P 500 is trying to nudge through the 50 day moving average and the NASDAQ needs to close above the T line today. Long positions are working well but be prepared for the markets to possibly show profit-taking before the end of the day.