Market Rallies Despite Disappointing ISM
I am back at last from my conference in Beijing and the US market performed strongly with the Dow gaining 78 points today despite disappointing ISM index.
Amazingly, all three major indexes performed strongly today despite ISM index coming in way lower than consensus. In fact, both the SP-500 and the Nasdaq composite made clean breaks to upside. There is no doubt that the retesting of the 30MA that I mentioned last week has been successful and the market is now ready to resume its previous bull trend.
Expect to see a slight retreat or a few sideways days in the days to follow as short term profit takers do their thing. The turn around pattern has been textbook so far with almost no surprises. Expect to see new highs soon.
Amazingly, all three major indexes performed strongly today despite ISM index coming in way lower than consensus. In fact, both the SP-500 and the Nasdaq composite made clean breaks to upside. There is no doubt that the retesting of the 30MA that I mentioned last week has been successful and the market is now ready to resume its previous bull trend.
Expect to see a slight retreat or a few sideways days in the days to follow as short term profit takers do their thing. The turn around pattern has been textbook so far with almost no surprises. Expect to see new highs soon.
Chart of Dow Made Using Telechart. Want Your Own Charting Software? Download FREE Now!
posted by Jason Ng at 4:47 PM
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