Tuesday May Have Defined Inflection Points on the Index Charts

By | July 29, 2015

The DJIA made it back above the May/April low level; the S&P 500 Index bounced off a similar level and its 200 day moving average; the NASDAQ Composite managed to retake its 50 day moving average; and the Russell 2000 held a long term support/ resistance level and its 200 day moving average. Tuesday was a good day with several key reversals in representative stocks across different sectors and improved volume. The levels I mentioned on the indices remain important going forward, in fact after yesterday’s moves, they have increased in technical significance, and the ability to begin building a base above them could have longer term implications for the market.


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