As you can see on the chart below, the Dow at its recent high was more than 1300 points above its 200-day moving average. I've decided to give this market every opportunity of being graded as remaining bullish.
One caveat. I'm bothered by the Advance-Decline line (see chart below) failing to confirm recent new highs in the main stock averages.
Furthermore, I will turn bearish if the major stock averages break below their 200-day moving averages and if they remain decisively below their 200-day MAs. As a double check, I show the S&P below. The S&P has just connected with its 50-day MA, but it is still a good distance above its 200-day MA.
While I'm at it, I might as well show the NASDAQ, and here you see the NASDAQ far above its 200-day MA.
Actually, my reading of the market remains on the bullish side, but, obviously, I don't want to fight ... Log in or subscribe to continue reading.
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