Market Update

It was a good day in the market. Equities are up more than 1% across the board. Has that changed the trend? Not really. As long as the July high is not breached, the market remains in down trend. In fact, the market action in the last hour is kind of bearish, giving back half of the day's gain. Looking at the 3 market areas, emerging market EEM remains the most bullish one as it is now standing above all major moving averages. Small cap IWM remains the weakest as it is below all moving averages.