The market continues to be resilient. The DOW had an inside bar last week on the 13th bar. The cycle oscillators are turning down signaling an upcoming mild correction. Underneath the general market, the banks and housing sectors are really weak.
The market continues to be resilient. The DOW had an inside bar last week on the 13th bar. The cycle oscillators are turning down signaling an upcoming mild correction. Underneath the general market, the banks and housing sectors are really weak.
The DOW and S&P 500 both closed at all time high last Friday, yet the NASDAQ is lagging behind. At the end of August, NASDAQ was in overbought condition with 8.81% over 30-week moving average. The current three weeks correction has been supported by the 10-week moving average.
While the Nasdaq took a little break last week, the S&P 500 and DOW were charging ahead despite this and that scary headlines. Underneath the toppy looking indices, there are great many small caps are breaking out and entering a fast growing phase.
The big data and cloud based subscription service sector is on fire. This is a relatively new field. Although the big guys such as AMZN, MSFT and GOOGL have a lead, but the new players are continuously showing up.
