On Thursday, stocks posted modest gains on quiet volume. Major indexes remain slightly above 50dMA. There is no sector leadership and many leading stocks have broken below near-term support levels.
Stock purchases remain risky until the market confirms a new uptrend is underway. Considerable work needs to be done for indicators to turn around.
The climate is HIGH CAUTION.
Focus is on stocks emerging from bases & above 50dMA.
This morning, futures are pointing to a fractionally LOWER opening.
Selective Chartists Positions (with BUY price): 3 (subscribers only)
Riverbed Tech (NASDAQ:RVBD)
Analog Devices (NASDAQ:ADI)
View the charts of major indexes testing 50dMA