There was a bit of technical damage done to the market last week. The S&P 500 closed below its 50 day moving average(DMA) for the first time since March. Yet, it’s still safely in its trading range. The BKX is in much the same position as the S&P 500. It closed below its 50 DMA and its lower Bollinger Band. But it’s also still within its 2 month long trading range. The Nasdaq is showing better relative strength, but it’s sitting right on its March-July trendline. So it’s still a very mixed picture as we continue to go sideways. I won’t be surprised to see buyers rush in on Monday to prop the S&P and BKX back above their 50 DMAs. But it’s all just noise until we break out of these ranges.
