Market Bounces

Thursday, August 14, 2008

The market held the rising trendline and bounced 83 points today. The market health remains in question though with many stocks not following through on attempted breakouts. In strong rallies, stocks breakout to 52-week highs and offer follow-through. Stocks are struggling to find major buying momentum to the upside while financials are seeing some selling pressure...negative signs for this fledging rally. Anyone taking our advice and buying this market below the resistance level should place stops against the rising trendline. The market is following a rising channel, which while advancing in price, has bearish implications.


Post a Comment