The S&P is closing in on the old highs. The 50-day moving average did provide support last week, but the volume on the up move has been below average. However, the RSI is not above the middle line which is a good sign of possible momentum. What does all of this mean for investors? We have a strong market that needs to pull back before trying to break out to new highs.
John N. Lilly III
Portfolio Manager, DJWMG
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