The Gilmo Report

August 30, 2017

August 30, 2017

The market got blindsided Monday after the close when North Korea decided to launch another missile, this time over Japan. That sent the after-hours futures careening to the downside, leading to a sharp gap-down open yesterday morning. But the whole affair ended up as a big shakeout with the market closing up on the day.

The context for the intraday bounce, however, came from the Dow Jones Industrials Index, not shown, which met up with and bounced off its 50-day moving average. This led to a big outside reversal to the upside on the part of the NASDAQ Composite Index on higher volume.

In bullish fashion, the NASDAQ today cleared to higher highs on a trendline breakout as volume picked up on the day. This move was driven almost entirely by money pouring into big-stock NASDAQ names as the index posted a 1.05% rise vs. the S&P 500’s 0.46% and the Dow’s 0.12% gains for the day.

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