The Market is still Bullish

Friday’s down days in the S&P 500 and Dow were weak while the Nasdaq composite gained a little. All three major indexes have moved above resistance in the last few days. For the Dow this was the October 27 high. For the S&P it was the bearish trend line drawn through the November 8 and December 7 highs, for the Nasdaq composite it was the bearish tend line
drawn through the October 27 and December 5 highs.

Cyclicals and most of technology is now starting to output perform defensive sectors such as consumer services and food. The only sector in technology that is losing is telecommunications. Technology hardware, semiconductors and computer software have all started to gain relative market strength.

Dow Industrials

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