The market has kept things rather simple as it continues to follow through on last Friday’s follow-through day. This has been accomplished by the simple fact that there aren’t that many fresh set-ups or even breakouts to choose from if one wants to go aggressively long this market. But the handful of set-ups that have been available have been effective, so far.
The NASDAQ Composite Index has finally reached its 50-dma, where it stalled a bit on slightly higher volume. As I discussed nearly two weeks ago, the possibility of a rally as far as the 50-dma and the confluence of the October, November, and December lows would be logical. And that’s what we’re looking at so far, while the rally has yet to show any signs of failure.
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