Month End Upward Bias
Just when the sky looked like it was going to fall in, the market miraculously rallied mid-day yesterday just like it did earlier in the month after it declined. It appears at least for now that the powers that be prefer to see rising asset prices so the bull market marches on. As long as the market stays above its 200 day ma, it’s still defined as a bull market and the path of least resistance remains higher.
Today the market is in short-term neutral territory with the major indices showing ConnorsRSI readings in the 50’s. As I mentioned yesterday, the month end upward bias remains in effect but there’s still a lot of news ahead of us this week and the market will move in line with the news.
ETFs: DIA