The Nasdaq eked out a gain today, but it was enough to break through the 50 DMA - barely. The index now rests on top of the moving average. Many of the biggest names are in the same situation - at or near support lines. It seems the entire market is in a crucial zone. Can the bears stop the resurgence of the bulls? Will the upward momentum of the last six years resume?
I think the bears of the market are in a tough spot. The big sell-off was their chance to put a dent into this bull market - but the market doesn't seem to be shaken up from the sharp drop. The bulls seems poised to re-gain control of this market. The sell-off will likely be filed under the 'buy the dip' category before long.
Watch the action tomorrow.
I think the bears of the market are in a tough spot. The big sell-off was their chance to put a dent into this bull market - but the market doesn't seem to be shaken up from the sharp drop. The bulls seems poised to re-gain control of this market. The sell-off will likely be filed under the 'buy the dip' category before long.
Watch the action tomorrow.