It’s hard for me to get a read on the market right now. Many of the stocks popping up in my scans have been basically trendless (sideways) over the last four weeks or so. The indices aren’t much help either. The NASDAQ certainly looks sick, especially after digesting Intel’s news late last week. It’s still struggling with that long-term group of multiple moving averages.
The S&P 500 and Dow are showing much more strength as they both are above their 50-day moving averages and teetering around their 200-day moving averages. It just feels like a good setup for the Naz to drag the market down. As always, we’ll see. Hopefully we’ll get some clearer signals this week along with increased trading volume.
