Another down day in the markets today which we find quite surprising. But despite the attempts of bears to drive this market lower, there is quite a bit of resistance on the part of the bulls. The Nasdaq is showing an incredibily difficult time with breaking the 200-day moving average. However, once solid piece of news, will easily make breaking the 200-day MA rather easy.
The S&P is also staying strong. It is holding support levels, thereby keeping this market from going lower. Some reports on the consumer had investors very nervous, but we don’t consider any of the news that got today from the market to be long-lasting, or to hover over the stocks going forward. We wouldn’t be surprised to see the market rally hard on Thursday and Friday, but that is only a guess. We’ll have to wait and see.
Here’s the Nasdaq and S&P charts…
