Top 10 Report – July 29, 2020

The Indexes

The NASDAQ has ultimately moved sideways for the prior 3 1/2 weeks and continues to hold up in a healthy, constructive manner above its 23-EMA as the thick of earnings season gets underway.

The S&P 500 continues to struggle below immediate resistance at the 3,233.13 level, yet above its 21-DMA/23-EMA despite a few recent distribution days, and it will most likely continue to chop sideways until the tone of earnings season begins to become more clear.

The small-cap Russell 2000 has continued to move sideways in a relatively tight range on light volume and continues to hold up above critical support at its long-term 200-DMA, which is considered healthy and constructive action.

The DOW has continued to drift slowly lower towards long-term support at its 200-DMA as its price action has tightened up over the last few weeks, which is considered healthy, constructive action.



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July 29, 2020