That’s how the market feels to me right now…slow roll…over. The Dow Industrials have not moved to new highs and bounced off the 10 day ema. The SPX was about the same. The main difference between the SPX and the DOW is that the SPX had a series of dojis over the last several days. This indicates a great deal of indecision.
But the Nasdaq was one of the weakest indices today and actually closed below the 10 day ema. The NYSE Composite did the same thing today. So two broad indices closing below the 10ema. If we get follow thru then a new leg down could begin. So slow roll. Continue reading
Well the monthly Payroll number released on Friday somewhat surprised to the upside and the market initially rallied. But that petered out as the day went on. Ukraine continues to hang over the market. That hangover caused the Dow to only be up 35 pts and the Nasdaq was down 16. So a mixed market.
The stock market today was fairly tight but positive most of the day. It still keeps pushing to the upside. The Unemployment Claims came in a little lower than expected this morning and the market had a somewhat positive bias to it all day long.
The market goes from a state of compression to expansion back to compression. Well today was very compressed again as everyone was trying to assess what’s happening in Ukraine and elsewhere.
