Stuck in the Muck
By Michael on Apr 30, 2004 in Stock Market
The chop continues. Even though it feels like the market’s been getting crushed of late, I still see the trend as sideways. My Multiple Moving Averages (MMAs) are all converged and going sideways. And the NASDAQ is back between its 50 and 200-day moving averages again. The NASDAQ was saved by its Jan - March downtrend line again yesterday. Other potential support levels are the 200 DMA (1932) and the March low (call it 1900). The one really worrisome indicator I see is OBV on the NASDAQ. It seems to be predicting much more downside.
The S&P and Dow look better than the Naz, but they still have the same sideways profile given their MMAs and their positions in relation to their 50 and 200 MAs.
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