Equity Indices

It's been a wild ride in the markets of late.

After getting the anticipated breakout, the Naz pulled in and made a stick save at the 50 day ema.  The subsequent rally was stopped in its tracks due to lack of progress by our politicians, bringing the market back for another test of the 50.  Failure there would be quite discouraging for the market.  The indicators are rolling over.  The stop should remain under the 50.  Long term trendline support comes in around 2700, as seen below.  That would be a good spot to establish long positions.

Longer term the market continues to hold its uptrend.  The key pivot is the 50 week ema around 2670.  A good long entry would be near 2700 with the stop at 2665.  The indicators are weakening which may push the market below the trendline.  Perhaps once we get a debt ceiling deal the trend may become clearer.  Until the trend becomes clearer