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Ditto May 22, 2015

Posted by Tom in Thoughts.
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It’s the first holiday weekend in the U.S. and I’m “on the road”, so editing a blog post off of a small screen laptop is not much fun.  The good news is that not much has changed in the US markets.

NASDAQ

We note in the chart above that this market continues within a trading range via a slooow grind upwards.  The red lines indicate a price channel where the prices are tending to honor.  The best thing that I can say about this is that the trend of the channel is upwards, though a very gradual slope up.  I note that the Sentiment indicator remains at “Neutral” and the Money Flow is rather “Neutral” as well.  The fact that price is toward the upper end of the channel would indicate some softness in the immediate future.  A test of price back down to the 4910 level (or so) would not be surprising.

Sectors showing the best strength remain the same as last week.  One thing that is different from last week is growing signs of strength in the Asian markets, particularly China.

That’s it for now.  Have a good week.     ……….  Tom  ……..

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