Hello Fellow ChartWatchers!
Friday’s market action is causing quite a buzz in the financial analysis world. After the “meh” US jobs report came out Friday morning, stocks gapped down sharply at the open but then rallied throughout the day and finished up roughly 1.5% (depending on which index you use to track things). The optimists out there are proclaiming that “The Bull Market is Back!” I think that sentiment is very premature. Here’s why:
1.) We are still well under the 50- and 200-day moving averages.