The Gilmo Report

June 12, 2019

June 12, 2019

The market remains a trendless affair, despite the sharp reaction rally off last Monday’s lows and the follow-through day on Friday. The NASDAQ Composite Index ran into resistance along its 50-dma on Monday and Tuesday, with volume picking up yesterday on a reversal day.

Today, the index traded in a tight range on lighter volume as buyers mostly backed away. The index sits at a crossroads here just below resistance at the 50-dma. A pullback in a retest of last week’s lows remains a possibility while the index sits in this position without regaining the 50-dma.

 

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