LONG TERM TREND: Remember last week I stated that in order for the long term up trend to re-assert itself, that it must close AND hold above the 40 week moving average? As you all probably know by now last week was a very strong up week and it closed slightly above this important average (see attached chart). But now the question is, will the professionals and institutions who really drive the market sell at this important juncture or buy to drive the market higher?
SUGGESTION FOR 401-K: I'll be watching the daily charts each day next week to see evidence of what the professionals are doing. If I see strong evidence of buying as the market tests this average I will get back in and will update the blog. So watch your emails. Have a great weekend everyone.
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