My outlook on the market hasn't changed much since Wednesday morning. It's still slim pickings on good risk/reward setups. I've got a whopping 5 longs and 2 shorts on my candidate list for Monday. The indices are still toying with those old downward sloping trendlines I've been pointing out. Thursday's action brought the Dow and S&P 500 back over their trendlines, but the NASDAQ is still just underneath its trendline. I think it's worth noting how the S&P 500's long term group of Multiple Moving Averages (in orange) is converging and about to 'normalize' (meaning that the shorter averages are above the longer averages, indicating a healthy uptrend). The NASDAQ is following close behind the S&P in that respect.
