The Gilmo Report

July 10, 2019

July 10, 2019

The pullback in the NASDAQ Composite Index on Monday ended midday yesterday as the index found support at its 10-dma and closed up for the day. This morning, the release of Fed Chair Jerome Powell’s prepared remarks to Congress gave the market what it wanted, and the futures were off and running pre-open.

This led to a big gap-up open that saw the S&P 500 and Dow Indexes post all-time highs not too long after the opening bell. But all of the Big Three market indexes stalled, with the Dow closing in the lower part of its daily trading range, the S&P 500 the mid-point of its trading range, and the NASDAQ Composite Index closed just above mid-range, all on higher volume.

 

 

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