Weak Economic Data; Stocks Still Below 50 DMA Line
Market Outlook- Market In A Correction
From our point of view, the market is in a correction as a new downtrend has formed and the 50 DMA line is broken for many of the major averages. Since the beginning of May, we have urged caution as the major averages and a host of commodities began selling off. Looking forward, the next level of support is the 9-month upward trendline and the next level of resistance is the 50 DMA line and then the 2011 highs. If you are looking for specific help navigating this market, please contact us for more information.
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