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Well Within (trading) Range April 22, 2017

Posted by Tom in Thoughts.

April 21, 2017 – This week we saw the markets clip the lower edge of the trading range then bounce back up.  The chart below of the NASDAQ Index shows the directional indecision in this market.  There is just too much going on, or potential to happen, to have investors feeling very confident.

And so we wait for the outcomes of the French elections (1st round), Congress on tax cuts / healthcare (round 2), North Korea nuclear testing, big Tech companies report earnings next week etc.  I’m still looking at the 5769 level as a major support for this market.  If we are to go higher, we’ve got to see conviction; higher prices on high volume , over multiple days.  But, beware of the Up Thrust bar on low volume, closing near the low.

Price have improved overall.  The stocks in the S&P 1500 Index are showing more “green” / up movement.

Here are the sectors that I’m monitoring for a break higher:

(click on any graphic to enlarge it for easy viewing)

Right now I’m rather neutral, part invested, part in Cash.  It’s good to be able to go in either direction, especially now.   Have a good week.  ….. Tom  …..

Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.


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