Nasdaq Holds 50-Day Line...NYSE Nears High

The market closed last week on an upnote. The most important action took place in the Nasdaq market which bounced off its 50-day moving average (Chart below). Broader market measures have held up much better. The NYSE Composite Index ended the week just shy of its old high. It's well above moving average support.
It remains to be seen if the oversold rally in the oil market continues this week and if that causes any short-term profit-taking in the market. Even so, the NYA would have to break its January low to warrant any real concern. There continuing uptrend started at 8050 during June. The NYA needs a close at 9250 or higher to resume its uptrend. It requires a close at 8950 or lower to trigger a sell signal.

It is a positive that the NASDAQ and NDX just broke out. As long as they stay above those pivots, all is well. It is a positive that the Transports have come back to life as Oil plunged. It is a positive that breakouts are back to working again. For several weeks, we saw many failed names. It is a positive that so many leaders pulled back to their respective 50 day averages, held and turned back up.