A Dow bounce off the 200-dma on Wednesday set the stage for a market rally, and all the major market indexes careened back up toward their 50-day moving averages and the highs of their current price ranges. The NASDAQ Composite Index gapped up Friday morning and fell just shy of its 50-dma before reversing to close near the lows of the day on lighter volume.
Unless something changes over the weekend, at the time of this writing new tariffs are scheduled to go into effect on Sunday. With the indexes sitting here at the highs of their current one-month range, things could go in either direction. My guess is that any resolution from here will likely depend on the news flow over the weekend and into next week.
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