The past few trading sessions has since mixed market with the Dow and the Nasdaq composite going in extremely different directions. This is an extremely rare market condition that happens under extremely uncertain economic conditions. On the one hand, we have the Dow breaking away from its 30MA, completing and confirming the reversal breakout and on the other hand, we have the Nasdaq composite still struggling against the gravity of its 30MA. Sentiments on the ground continues to be mixed and short term technical signals continue to generate more bearish than bullish signals.
In short, it is still going to be an uncertain week ahead but with the Dow already pulled away from the 30MA and the Nasdaq composite holding above its 30MA as well, inclinations now return to upside. Unless market take a significant hit this week.
For now, the Dow turns a short term bull trend within an intermediate neutral trend and primary bull trend.