Story
Summer Rally Slows
The technical condition of the market remained positive but was beginning to weaken as we headed into August. Momentum, measured by the 14-day RSI, is starting to weaken after pushing into overbought territory for the S&P 500 and NASDAQ. MACD, a short-term trend gauge, fell back to a neutral position for the DJIA. The secondary indexes, which include the DJ Transportation Index, small cap Russell 2000 and Philadelphia Semiconductor Index (SOX) are losing upside momentum and could be hinting at lower prices as we roll into August.....
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