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The Market weakness is very short lived to say the least. The Market made a new high again despite current earnings woes. When will it stop? Let's see what the charts are saying.
The Dow
The Dow and the NASDAQ went through the roof fueled by tech stocks following another 1/2 point cut by the Fed. The Dow and the NASDAQ seem to have broken up through the recent short-term top, so technically we should see a move higher. Look for a move to 10,000 possibly if this breakout holds. Keep your stop losses tight in case of a breakout failure
The NASDAQ
The NASDAQ broke up through the recent top formation and is now moving higher with the action today. As with the Dow, be careful of a fake breakout because the earnings season didn't show us much in the near future. If the NASDAQ holds this breakout, look for it to move to 2000. It's okay to trade this move, but now is a risky time to enter the market. I still would expect a pullback of 25%-50% of the move and eventually a rebound above 2000.
The Dow
The Dow and the NASDAQ went through the roof fueled by tech stocks following another 1/2 point cut by the Fed. The Dow and the NASDAQ seem to have broken up through the recent short-term top, so technically we should see a move higher. Look for a move to 10,000 possibly if this breakout holds. Keep your stop losses tight in case of a breakout failure
The NASDAQ
The NASDAQ broke up through the recent top formation and is now moving higher with the action today. As with the Dow, be careful of a fake breakout because the earnings season didn't show us much in the near future. If the NASDAQ holds this breakout, look for it to move to 2000. It's okay to trade this move, but now is a risky time to enter the market. I still would expect a pullback of 25%-50% of the move and eventually a rebound above 2000.