Despite short term overbought conditions the markets are holding up and not really coming in. Once we turn to bull modes generally overbought conditions are worked off with sideways type action and that appears to be the situation. Tomorrow will be some key speeches from central bankers so we’ll see if any comment they make spooks the market even for a few minutes or hours. For the day the S&P 500 gained 0.29% and the NASDAQ 0.12%. In economic news, the Philadelphia Fed’s business activity index jumped to 28.0 in August from 23.9 the month before.Continue reading
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