By Investor’s Yak
Daily chart action zones have turned negative for the major indexes (i.e. NASDAQ, S&P500, and Dow Jones Industrial Average). Combined with last Friday’s high volume down day suggests institutional investments are waning. Yet, most major indexes are holding price support at their 50 Day Moving Average (DMA). And their weekly chart action zones hint the market is not ready to go into a long term bear phase.
It might be wise to wait and watch, since daily charts indicate the near term days and/or week may increase losses. However, another down week might spark a positive “end of month” trading opportunity. Window dressing at months end may trigger combined daily and weekly action zone charts. Additionally, a regularly scheduled Federal Reserve (FED) end of month meeting will conclude on April 29. Positive guidance by the FED can stimulate institutional investments and bolster a nice rally. Still, everything could fall apart if institutions loose hope in the FEDs ability to influence growth.
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